Sharps Technology Rises 70% After Securing $400 Million for Solana Treasury
Sharps Technology (STSS) saw a 70% surge after announcing a $400 million fundraising initiative to create what could be the largest corporate digital asset treasury focused on Solana. Key details include:
- Shares sold at $6.50 each, with warrants at $9.75.
- Support from prominent investors like ParaFi and Pantera.
- Funds primarily for acquiring SOL.
- Stock peaked at $13 before closing up 53% from Friday's $7.3.
- Alice Zhang appointed as chief investment officer.
The Solana Foundation plans to sell $50 million in SOL tokens at a 15% discount based on a 30-day average price.
This venture aligns with a trend among public firms creating digital asset treasuries (DATs). Other firms, including HODL and DFDV, are also accumulating SOL.
Separately, Galaxy Digital and others are seeking $1 billion to establish another SOL-focused treasury while DFDV aims to raise $125 million through equity sales, resulting in a 19% stock drop.