Small-cap medical device firm Sharps Technology Inc. (ticker STSS), said on Monday its aiming to raise over $400 million to stockpile Solana. Its private placement is expected to close on Aug. 28.
The company aims to become the "largest Solana digital asset treasury," according to a statement.
"The offering consists of an over $400 million private investment in public equity transaction (PIPE) for the purchase and sale of common stock," the company said. Sharps Technology listed several participating investors including ParaFi Capital and Pantera Capital.
Sharp Technology's pivot to become a digital asset treasury (DAT) focused on Solana's native token puts it alongside firms like Upexi and DeFi Development Corp, which hold $370 million and $199 million worth for SOL, respectively, as of Monday, according to The Block Data Dashboard. The company also joins the ranks of several other small-cap Nasdaq stocks shifting to a DAT strategy.
The company's shares rose nearly 70% on Monday, according to Yahoo Finance.
Solana ecosystem
"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," Sharp Technology's newly-appointed Chief Investment Officer Alice Zhang said. "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."
Zhang previously co-founded Avalon Capital, which specializes in digital assets and technology. She is also the co-founder of Jambo, "the first web3 phone with a built-in decentralized app store," according to a statement.
