Shares of Sharps Technology surged 70% on Tuesday after the company announced a landmark $400 million financing deal to build what it claims will be the world’s largest Solana (SOL) treasury.
The move marks one of the boldest corporate bets yet on a blockchain-based treasury strategy and indicates growing institutional confidence in Solana’s role as a financial infrastructure layer.
The financing, structured as a private investment in public equity (PIPE), brings together heavyweight backers including ParaFi, Pantera Capital, and Monarq Asset Management.
The transaction, priced at $6.50 per unit with stapled warrants exercisable at $9.75, is expected to close on August 28 pending customary approvals. Certain investors also received pre-funded warrants to be exercised once the deal closes.
Sharps Technology Eyes Leadership in Blockchain Finance With $400M Solana Play
In the announcement, the company noted that the proceeds will also go toward general corporate purposes and working capital, but the primary goal remains establishing a large-scale SOL treasury to capitalize on the network’s growth.
As part of the plan, Sharps signed a memorandum of understanding with the Solana Foundation to purchase $50 million worth of SOL at a 15% discount to the 30-day average market price. The agreement shows close alignment between the company and the foundation as Solana continues to position itself as the blockchain of choice for institutional-grade applications.
“Solana defines the standard for digital infrastructure, providing a high-throughput, low-cost, real-time settlement layer for everything from blue-chip equities to bonds to private assets,” said Alice Zhang, Sharps Technology’s newly appointed chief investment officer and board member.
Zhang emphasized that the timing of the move reflects accelerating institutional adoption of Solana as it positions itself as the backbone of a global digital marketplace.
To strengthen its standing in the ecosystem, Sharps also brought on James Zhang, co-founder of Jambo and a prominent figure in the Solana community, as a strategic adviser.
James has spoken at Solana Breakpoint, Davos, and Forbes events and has described Solana as “internet capital markets, the next evolution in global finance.”
James noted that Solana currently leads all major blockchains in staking yield, chain revenue, and app revenue, with staking yields hovering around 7%. “We believe creating a digital asset treasury will generate significant long-term value for Sharps Technology’s shareholders,” he added.
Sharps, Galaxy, DeFi Corp Lead $1.5B+ Wave in Solana Treasury Deals
The Sharps Tech deal comes amid an intensifying race for Solana treasuries, with Mike Novogratz’s Galaxy Digital leading a separate $1 billion bid alongside Jump Crypto and Multicoin Capital.
Earlier today, the companies were in advanced talks to raise about $1 billion to acquire SOL, with Cantor Fitzgerald tapped as lead banker.
The plan involves creating a new digital asset treasury company by taking over a public entity, which would make it the largest Solana-focused treasury to date. Backed by the Solana Foundation, the deal could close in early September, though none of the firms involved have commented.
Meanwhile, DeFi Development Corporation announced a $125 million equity raise, becoming the first U.S. public company to adopt a treasury strategy centered on accumulating Solana. The offering, priced at $12.50 per share, is expected to close on Aug. 28, 2025.
Solana has climbed sharply this year, rebounding from April lows to trade near $200, up 6.6% over the past 30 days. Renewed network activity, developer momentum, and a wave of corporate treasury accumulation have fueled the surge.
According to the Strategic SOL Reserve tracker, nine entities now hold 6.05 million SOL, worth $1.21 billion, or 1.05% of the circulating supply, with the top five controlling nearly all the reserves.
Solana Leads Crypto Ecosystems With $1.3B Revenue, 8.9B Transactions in 2025
The bullish bet on Solana comes as the network strengthens its position as one of the busiest and most liquid ecosystems in crypto.
In the first half of 2025, Solana-based apps generated $1.3 billion in revenue, more than any other chain. Activity on the network has been equally strong, with 8.9 billion transactions processed last quarter, $6 billion in daily trading volume, and an average of 3.8 million daily active wallets this year.
Developer interest is also surging. More than 7,500 new builders joined Solana in 2024, the fastest growth rate among major blockchains. On the financial side, staking yields hover around 7%, the highest among leading proof-of-stake networks, making Solana increasingly attractive as a treasury asset.
Capital is also flowing in. Over the past week, nearly $280 million was bridged to Solana from other chains, including more than $155 million from Ethereum.
Source: solana.range.org/analytics
Solana DApps now lead the market in daily revenue, generating $6.06 million in the past 24 hours, ahead of Hyperliquid at $5.07 million and Ethereum at $3 million.
Institutional interest is following suit. Solana-based ETFs, ETPs, and funds recorded $12 million in inflows last week, extending their streak to 11 consecutive weeks, a sharp contrast to Bitcoin and Ethereum products, which saw record outflows of $1 billion and $440 million.
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