The trend of companies establishing crypto treasuries is gaining momentum, with Sharps Technology—a small player in the medical device and pharmaceutical sector—being the last to announce a plan to raise $400 million through a stock sale aimed at funding Solana (SOL) treasury.
The capital raise, which is set to close on August 28, will effectively transform Sharps’ stock into a proxy for the Solana price, attracting backing from crypto investment firms such as ParaFi, Pantera Capital, and CoinFund.
This infusion of over $400 million positions Sharps to potentially become the largest holder of Solana among publicly traded companies, surpassing its nearest competitor, Upexi, which holds approximately $394 million in the cryptocurrency.
Alice Zhang expressed confidence in the new team’s capabilities, stating, “We will have a team with deep ties to the Solana ecosystem and proven founder-level experience in scaling institutional digital asset platforms.”
This investment into Sharps is part of a larger trend where small public companies are actively establishing digital asset treasuries, which are essentially pools of cryptocurrency held on their balance sheets.
Between August 18 and August 24, the Bitcoin proxy firm disclosed it purchased 3,081 Bitcoin for approximately $356.9 million, averaging around $115,829 per token.
Michael Saylor, the driving force behind Strategy’s crypto investments, revealed that the firm has achieved a Bitcoin yield of 25.4% year-to-date as of August 24, 2025. With 632,457 Bitcoins acquired for roughly $46.50 billion.
As of this writing, Solana lost the $200 level in line with the broader market correction that led the cryptocurrency to retrace nearly 5% in the 24-hour time frame. It now trades at $196, meaning a 32% gap from its $293 record high.
Featured image from DALL-E, chart from TradingView.com
