Sharps Technology raises $400 million to build Solana treasury
The medical device and pharmaceutical packaging company has announced plans for a private placement worth in excess of $400 million, aiming to strategically establish the world’s largest Solana (SOL) digital asset treasury.
8/26/20253 min read


The Motivation Behind MoveSharps
Technology, a Nasdaq-listed company known for its innovative safety syringe products, has traditionally been in the healthcare space. However, the company’s decision to move into the Solana investment fund reflects a broader trend of public companies looking to diversify into digital assets as the cryptocurrency market matures. The announcement comes at a pivotal time for Solana, which has cemented its position as the fastest and most used public blockchain globally, processing more transactions and generating higher on-chain fee revenue than its competitors. With over 7,500 new developers joining the ecosystem by 2024, $1.3 billion in application revenue to date, and $6 billion in daily trading volume, Solana’s growth trajectory has attracted significant institutional interest.
The impetus for this shift appears to be multi-faceted. First, Solana offers an attractive staking yield of around 7%, the highest among the top five blockchains, providing an attractive source of passive income for hedge fund-focused strategies. Second, the blockchain’s high throughput and low-cost settlement layer position it as a potential backbone for tokenized markets ranging from equities to private assets, in line with its vision of a unified global financial market. Sharps’ leadership, including newly appointed Chief Investment Officer Alice Zhang and strategic advisor James Zhang—both of whom have deep ties to the Solana ecosystem—see this as an opportune time to capitalize on the company’s accelerating institutional adoption. Additionally, the company’s tight cash reserves and recent Nasdaq compliance pressure may have prompted a strategic diversification to bolster financial stability and shareholder value.
Business strategy details
The private placement, structured as a Private Investment in Public Equity (PIPE), is priced at $6.50 per unit, consisting of common shares and pinned warrants exercisable at $9.75 for three years. The deal, backed by major investors including ParaFi, Pantera, Monarq, FalconX and others, is expected to close on or about August 28, 2025, subject to customary closing conditions. A key component of the strategy includes a non-binding letter of intent (LOI) with the Solana Foundation, which has committed to sell $50 million of SOL shares at a 15% discount to the 30-day weighted average price, funded from the proceeds of the offering. The remaining proceeds will be used to purchase SOL in the open market, establish treasury operations and support working capital needs.
The move makes Sharps Technology the largest institutional holder of SOL, surpassing incumbents Upexi ($394 million) and DeFi Development Corp ($250 million). The strategy builds on Solana’s robust ecosystem, with an average of 3.8 million daily active wallets and a reputation for scalability and uptime. By integrating a team with proven expertise in scaling digital asset platforms — highlighted by James Zhang’s co-founding of Jambo and his speaking engagements at Solana Breakpoint and Davos — Sharps aims to spearhead institutional blockchain adoption. This could set a precedent for other companies to move into altcoin funds, challenging the dominance of Bitcoin and Ethereum on corporate balance sheets.
Evaluation and Conclusion
Sharps Technology’s announcement of a $400 million+ private placement on August 25, 2025, to establish the world’s largest Solana fund, is a clear testament to the growing convergence between traditional finance and blockchain technology. Driven by Solana’s impressive growth metrics and the promise of institutional-grade infrastructure, the move could reshape corporate fund strategy and cement Solana’s role in the global financial landscape. With its experienced team and strong partnerships, Sharps is well-positioned to lead this trend, potentially inspiring a wave of similar initiatives across industries.
Disclaimer: The information presented in this article is the author's personal opinion on the cryptocurrency field. It is not intended to be financial or investment advice. Any investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in the article do not represent the official position of the platform. We recommend that readers conduct their own research and consult with a professional before making any investment decisions.
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