Rebecca Cruz Wall Street just got a major curveball. Sharps Technology, a medical device and pharmaceutical packaging company best known for making disposable syringes, has announced plans to raise over $400 million to fund a Solana (SOL) corporate treasury.
This move isn’t just bold—it signals how traditional firms are increasingly crossing into crypto territory.
🚀 Key Highlights
1. Stock Market Frenzy
Shares in Sharps spiked nearly 80% after the announcement, hitting $13.28 before closing at $10.35.
Investors clearly see the pivot to crypto as a transformative play for the company.
2. Big-Name Backers
Heavyweights like ParaFi, Pantera Capital, and Monarq Asset Management are on board.
Their involvement lends significant institutional credibility to Sharps’ Solana bet.
3. Deal with Solana Foundation
Sharps signed a letter of intent with the Solana Foundation.
Solana will sell $50 million worth of SOL to Sharps at a 15% discount based on a 30-day average price.
This guarantees Sharps a favorable entry point into its new digital treasury.
4. Leadership Shake-Up
Alice Zhang, co-founder of Jambo (a Web3 phone startup) and Avalon Capital, joins as Chief Investment Officer.
James Zhang, another Solana advocate and Jambo co-founder, comes on board as a strategic advisor.
Both bring deep digital-asset expertise to a company traditionally rooted in healthcare.
5. Racing for the Largest Solana Treasury
Sharps’ $400M raise could position it as one of the largest Solana corporate treasuries.
Currently, Upexi holds the crown with 2 million SOL (~$379M).
But competition looms: Galaxy Digital, Multicoin Capital, and Jump Crypto are reportedly eyeing a $1B SOL treasury.
6. From Syringes to Solana
Paul Danner, Executive Chairman of Sharps, called the move a strategic leap:
“Our digital asset-native advisory team, defined accumulation strategy, and partnerships with top-tier asset managers position us well to become a leading SOL treasury.”
🔑 Key Takeaways
Sharps is not just investing in Solana—it’s restructuring its corporate identity around digital assets.
The move reflects a broader trend of traditional companies embracing blockchain to diversify balance sheets and attract investor attention.
If successful, Sharps could set a blueprint for non-tech firms to make large-scale treasury allocations into crypto.
But risks remain—tying a medical device company’s future to a volatile asset class like SOL could backfire if markets turn.
👉 Bottom line: Sharps just put itself in the spotlight of both Wall Street and Crypto Twitter. Whether this pivot proves visionary or reckless will depend on Solana’s long-term resilience and the firm’s ability to balance its biotech roots with its new crypto ambitions.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards.
