Sharps Technology, a medical device company, announced a $400 million plan to create a Solana treasury.
This is part of an extremely novel trend in the healthcare sector.
The company stock almost doubled and surged to 96%, climbing from $7.40 to an intraday high of $14.53, before settling at $12.01.
Solana Treasury Plan
According to reports, Sharps Technology has signed a letter of intent with the Solana Foundation to purchase $50 million SOL. SOL is the native token of Solana.
This is at a 15% discount to its 30-day average price.
The deal, structured as a private investment in public equity (PIPE), allows accredited investors to buy shares at a discount.
It’s expected to close around August 28, 2025.
Since investors can fund their purchases with either locked or unlocked SOL tokens, their pre-funded warrants are tied directly to Solana’s performance.
Sharps appointed Alice Zhang, co-founder of Jambo and a prominent figure in the Solana ecosystem, as chief investment officer, for the Solana Treasury plan. James Zhang, another Solana expert, joins as a strategic adviser.
Why a Solana Treasury?
A crypto treasury involves a publicly traded company holding digital assets like Solana (SOL) or Bitcoin (BTC) on its balance sheet.
This strategy, pioneered by Michael Saylor of MicroStrategy in 2020, allows investors to gain indirect exposure to cryptocurrencies through traditional stocks.
The trend is gaining steam in the health sector, where companies are using crypto to diversify their finances and attract investor interest.
Other health firms have followed suit.
In November 2024, Hoth Therapeutics, a biopharma focused on skin, cancer, and autoimmune therapies, allocated $1 million to Bitcoin as an inflation hedge.
Atai Life Sciences, a Nasdaq-listed company developing psychedelic treatments, invested $5 million in Bitcoin in March.
In July, 180 Life Sciences rebranded as ETHZilla and announced a $425 million Ether treasury after its stock plummeted 99%.
Risks and Rewards with a Solana Treasury?
While the crypto treasury model is gaining popularity, it’s not without risks.
Wall Street recently cautioned that companies investing heavily in volatile assets like cryptocurrencies, could face significant financial risks.
Despite these concerns, digital assets continue to draw health sector companies looking to innovate and boost their market appeal.
Sharps Technology’s move into Solana marks a significant step in blending traditional health businesses with the fast-evolving world of cryptocurrency.
