Sharps Technology, once a medical device and pharmaceutical firm, pivots to become a Solana treasury firm.
- Sharps Technology announced a PIPE deal to buy $400M in Solana
- A list of major institutions is backing the Sharps Technology deal
- Firm lauds Solana’s staking yields and strong DeFi ecosystem
Solana (SOL) continues to get attention among traditional investors. On Monday, August 25, Sharps Technology, a publicly traded company on the Nasdaq, announced it is raising $400 million in a private placement.
The deal will follow the pattern of a private placement in public equity, as Sharps Technology stock is publicly traded. Namely, the company is raising capital by selling shares to a group of institutional backers, including Pantera Capital, ParaFi, FalconX, and Phoenix Capital.
“Solana is internet capital markets, the next evolution in global finance,” Zhang said. “Solana is #1 in staking yield, chain revenue, and app revenue amongst all major blockchains. We believe creating a digital asset treasury will generate significant long-term value for Sharps Technology’s shareholders, James Zhang, strategic advisor to Sharps Technology said.
Sharps Technology pivots from medical devices to Solana
The Company’s newly appointed Chief Investment Officer and Board member, Alice Zhang, stated that the decision to back Solana comes from the network’s performance. Namely, Solana offers low-cost settlements for a broad range of use cases, which is attractive to institutions.
“Global adoption of Solana’s ecosystem is accelerating as it continues to receive institutional support for its vision of a single global market for every tradeable asset, making now the right time to establish a digital asset treasury strategy with SOL. We will have a team with deep ties to the Solana ecosystem and proven founder-level experience in scaling institutional digital asset platforms, which we believe will set the Company up for success,” Alice Zhang, Sharps Technology.
Sharps Technology, a medical device and pharmaceutical packaging firm, is just one of the companies that is pivoting to become a treasury firm. On the same day of its pivot, Galaxy, Jump, and Multicoin have teamed up to buy $1 billion of Solana tokens.
