Medical Device Company Sees Stock Surge Following Shift to Solana with $400 Million Funding Strategy

Sharps Technology’s stock surged on Monday after announcing a shift to a crypto treasury strategy, raising substantial funds for Solana. 

By the end of the trading day, Sharps Technology’s stock (STSS) rose over 40%, reaching $10.35 per share after peaking at $13.28 earlier.

The company is raising $400 million through a private placement to acquire SOL, the sixth-largest cryptocurrency by market capitalization. Sharps Technology did not provide additional comments to Decrypt.

“The global acceptance of Solana’s ecosystem is escalating with increasing institutional support for a unified global market for all tradable assets, making it an ideal moment to adopt a digital asset treasury strategy with SOL,” said Alice Zhang, the newly appointed Chief Investment Officer and board member of Sharps Technology, in a statement. 

“We are assembling a team closely connected to the Solana ecosystem, possessing proven expertise in managing institutional digital asset platforms,” she added, “which we believe will position the company for success.”

Sharps Technology joins a growing list of publicly traded companies transitioning toward purchasing and holding cryptocurrency as several have acquired Bitcoin, Ethereum, and other altcoins for enhanced shareholder returns. 

Crypto companies Galaxy Digital, Jump Crypto, and Multicoin Capital are reportedly negotiating to establish a $1 billion treasury fund aimed at acquiring and holding SOL, Bloomberg reported Monday, referencing an anonymous source familiar with the situation.

Strategy—formerly MicroStrategy—was the pioneer among publicly traded companies to initiate a Bitcoin-acquisition strategy, now possessing632,457 BTC worth $71 billion at current values.

SOL represents the native cryptocurrency of the Solana blockchain, which competes with Ethereum. Developers leverage the blockchain to create a range of applications, from crypto exchanges and meme coins to games with tokenized user-owned assets. Its appeal has surged due to low costs and high transaction speeds, prompting even Visa to announce plans to utilize the network for expedited credit card transactions. 

Currently, SOL is trading at approximately $190 per coin, per CoinGecko data, having dropped 6% in the last 24 hours. The coin peaked at a six-month high of over $212 on Sunday.

Its all-time high, reached in January, exceeded $293.