New Solana treasury eyes raising over $400 million with help from ParaFi and Pantera
Sharps Technology (NASDAQ: STSS) is making a bold entry into the crypto world with a transformative initiative. The company announced a private investment in public equity (PIPE) exceeding $400 million to acquire Solana (SOL) tokens, aiming to establish what it calls the largest Solana-based digital asset treasury. The funding round is led by prominent crypto investors, reflecting strong market confidence in the company’s strategy.
This move highlights Sharps Technology’s focus on integrating digital assets into its corporate portfolio, potentially reshaping its financial positioning and market identity. The transaction is expected to close by August 28, 2025, marking a significant milestone in the company’s evolution toward becoming a major player in the cryptocurrency ecosystem.
Quick take
Sharps plans a >$400M PIPE to acquire SOL and form a Solana digital asset treasury.
ParaFi Capital and Pantera Capital are listed as participating investors.
The company aims to be the largest DAT among public small caps holding SOL.
Peers reportedly hold ~$370M (Upexi) and ~$199M (DeFi Development Corp) in SOL.
STSS shares jumped ~70% on Monday.
What’s happening
Sharps Technology said it has entered into a private investment in public equity (PIPE) deal exceeding $400 million. Proceeds are earmarked to purchase SOL and fund the build-out of a Solana digital asset treasury. The company expects the deal to close by August 28, pending customary conditions.
Who’s backing it & market reaction
The investor roster includes ParaFi Capital and Pantera Capital, two of the most established institutions in digital assets. Following the announcement, STSS shares surged nearly 70% on Monday, signaling strong speculative interest in the pivot.
Why it matters
A growing cohort of small-cap Nasdaq companies has shifted toward a digital asset treasury (DAT) strategy accumulating crypto on balance sheet as a core asset. As of Monday, peers such as Upexi and DeFi Development Corp were reported to hold approximately $370 million and $199 million in SOL, respectively. If Sharps completes and deploys the full raise, it would position its Solana digital asset treasury to top current public comparables.
Strategy and leadership
Newly appointed CIO Alice Zhang framed the move as a bet on accelerating institutional adoption of the Solana ecosystem and its potential to support a “single global market for every tradable asset.” Zhang co-founded Avalon Capital (digital assets/technology) and Jambo, a Web3-focused smartphone initiative with a built-in decentralized app store. Sharps says it will assemble a team with deep Solana ties to execute the Solana digital asset treasury program.
How this compares in the SOL DAT race
Scale: The >$400M target would vault Sharps toward the top of the public-company SOL holders list.
Structure: A PIPE allows Sharps to raise capital quickly from accredited investors and deploy it directly into its Solana digital asset treasury.
Signaling: Backing from ParaFi and Pantera may help validate the thesis and facilitate institutional partnerships across the Solana stack.
Timeline and what to watch
With a target close on August 28, key checkpoints include:
Final terms and any closing conditions for the PIPE.
Pace and methodology of SOL accumulation for the Solana digital asset treasury.
Treasury management policies (custody, risk limits, hedging).
Disclosures on cost basis and ongoing mark-to-market impacts to earnings.
The bottom line
If Sharps Technology successfully closes and deploys its full $400 million raise, it could emerge as a public-market leader in Solana digital asset treasury strategies. This would position the company at the forefront of a growing trend where small-cap firms restructure around crypto-native balance sheets, signaling a shift in how traditional businesses approach digital assets.
Such a move could set a benchmark for other companies exploring similar strategies, demonstrating the potential of integrating crypto assets into corporate portfolios. By embracing this approach, Sharps could redefine its market identity and influence the broader adoption of digital asset management in the public markets.
FAQs
Q1: What is a Solana digital asset treasury?
A . A Solana digital asset treasury is a corporate balance-sheet strategy where a company accumulates and manages SOL as a core treasury asset.
Q2: Why is Sharps Technology raising capital for a Solana digital asset treasury?
A . Sharps aims to gain strategic exposure to Solana’s ecosystem, using a >$400M PIPE to scale a Solana digital asset treasury and potentially lead public-company holders.
Q3: Who are the major investors in the PIPE?
A . Participating investors include ParaFi Capital and Pantera Capital, supporting Sharps’ Solana digital asset treasury initiative.
Q4: When is the transaction expected to close?
A . The private placement is expected to close by August 28, 2025, after which Sharps plans to deploy capital into its Solana digital asset treasury.
Q5: How does Sharps compare to other SOL-holding public companies?
A . If fully executed, Sharps’ Solana digital asset treasury could surpass peers like Upexi and DeFi Development Corp in SOL holdings.