The movement of businesses creating crypto treasuries is on the rise, with Sharps Technology—a minor entity in the medical and pharmaceutical arena—being the latest to unveil plans for raising $400 million through a stock sale designated to fund a Solana (SOL) treasury.
New Solana Treasury Development
The capital raise, scheduled to conclude on August 28, will effectively turn Sharps’ stock into a stand-in for the Solana price, garnering support from crypto investment firms like ParaFi, Pantera Capital, and CoinFund.
This influx of over $400 million strategically positions Sharps to become potentially the largest Solana holder among publicly traded corporations, outpacing its closest rival, Upexi, which currently holds roughly $394 million in the cryptocurrency.
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To bolster its standing in the crypto landscape, Sharps has brought on board Alice Zhang, a venture capitalist and co-founder of the crypto smartphone company Jambo, as the new chief investment officer. James Zhang, another co-founder from Jambo, will take on the role of strategic advisor.
Alice Zhang conveyed her confidence in the capabilities of the new team, stating, “We will have a team with deep ties to the Solana ecosystem and proven founder-level experience in scaling institutional digital asset platforms.”
Nevertheless, Sharps’ leading position in the Solana treasury market might be fleeting. Fortune reports that major crypto entities, including Galaxy Digital, Multicoin Capital, and Jump Crypto, are actively raising $1 billion to establish their own Solana treasury firm.
Strategy Expands Bitcoin Holdings
This investment in Sharps is part of a broader trend where smaller public companies are taking initiative to set up digital asset treasuries, which consist of cryptocurrency held on their balance sheets.
This trend also encompasses the market’s most significant altcoins, including XRP, Binance Coin (BNB), and The Open Network’s (TON) native token. This strategy has gained even more significance under the US’s leadership in fostering a supportive ecosystem for digital assets in the country.
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In line with these advancements, Strategy (formerly MicroStrategy), the largest corporate holder of Bitcoin (BTC) globally, announced on Monday the acquisition of additional tokens, capitalizing on the current market retrace.
From August 18 to August 24, the Bitcoin proxy company disclosed it purchased 3,081 Bitcoin for approximately $356.9 million, averaging about $115,829 per token.
Michael Saylor, the leading force behind Strategy’s crypto investments, shared that the firm has attained a Bitcoin yield of 25.4% year-to-date as of August 24, 2025, with 632,457 Bitcoins accumulated for nearly $46.50 billion.
At the time of writing, Solana has slipped below the $200 mark amid a broader market correction, leading the cryptocurrency to pull back nearly 5% within the last 24 hours. Currently, it is trading at $196, representing a 32% drop from its peak at $293.
Featured image from DALL-E, chart from TradingView.com
