What’s Happening

Sharps Technology’s stock surged 70% following the announcement of a $400 million fundraising aimed at creating a digital asset treasury focused on Solana. Key investors, including ParaFi, Pantera, FalconX, and CoinFund, have backed the effort.

• Upon the announcement, Jambo co-founder Alice Zhang joined Sharps as the CIO.
• The Solana Foundation has agreed to sell $50 million in SOL tokens at a discount.

As digital asset treasury firms rise in the U.S., they are looking to leverage established strategies similar to those of Michael Saylor’s MicroStrategy. Sharps’ initiative reflects a shift among public firms to ramp up cryptocurrency acquisitions.

The share offering entails units priced at $6.50, accompanied by warrants exercisable at $9.75, with a closing expected by August 28. The stock briefly reached $13 during trading, up from $7.3 at the previous close.

Future Plans

The firm intends to primarily use the funds to purchase SOL, the native token of the Solana blockchain. This trend of accumulating cryptocurrencies is growing among public companies wishing to replicate the track record of noted digital asset investors.