Sharps Technology raises $400M in private placement to build Solana treasury

Drug delivery solutions company Sharps Technology, Inc. has announced a private placement financing valued at more than $400 million to support the creation of a digital asset treasury centered on Solana’s native token, SOL. 

According to a Monday press release revealing the funding round, the private investment in public equity transaction (PIPE) will include the purchase and sale of common stock, pre-funded warrants, and stapled warrants. Each unit was priced at $6.50, scheduled to close around August 28, 2025, the company’s announcement read.

Sharps Technology mentioned that stapled warrants will be exercisable for three years at $9.75, 150% of the per-unit price. Investors who choose to fund their purchases with SOL, locked or unlocked, will receive pre-funded warrants and warrants exercisable once the company receives stockholder approval.

According to Google Finance data, shares of Sharps Technology, STSS, traded 4.4% higher in the US premarket trading session, climbing to $11.90 within the day.

Sharps Technology set on Solana treasury 

Per the company’s release, the proceeds from the offering will be used in SOL token acquisitions from the open market, which will in turn form a dedicated treasury operation for the sixth-largest coin by market cap. 

Sharps Technology is a Nasdaq-listed company in the medical device and pharmaceutical packaging business, where it supplies safety syringe products to healthcare providers. It creates ultra-low waste syringe technologies equipped with safety features, but earlier this year, it announced it could pivot to Blockchain-based investments.

The health technology firm has reportedly signed a non-binding letter of intent with the Solana Foundation, a non-profit based in Zug, Switzerland. Under the agreement, the foundation will sell the company $50 million worth of SOL at a 15% discount to the 30-day time-weighted average price, subject to conditions tied to a public offering.

Cantor Fitzgerald & Co. is the lead placement agent for the transaction, while Aegis Capital Corp. served as co-placement agent. Madison Global Partners LLC provided financial advisory services to the company.

“Solana defines the standard for digital infrastructure, providing a high-throughput, low-cost, real-time settlement layer for everything from blue-chip equities to bonds to private assets,” Alice Zhang, Sharps Technology’s newly appointed Chief Investment Officer and board member, told reporters.

Zhang mentioned that the Solana treasury is an opportunity for the company to join the growing number of institutions interested in the token. She added that the company is building a team “with established connections” within the Solana ecosystem.

The company also appointed James Zhang, co-founder of Jambo, who has previously spoken at Solana Breakpoint, Davos, and Forbes events, in an advisory capacity. He will consult on treasury business alongside asset managers Monarq Asset Management, ParaFi, and Pantera.

Meanwhile, Solana’s native token, SOL, is trading at around $195, well below its 5, 10, and 20-hour moving averages, according to Coingecko data. 

Financial Performance in Q2 2025

The announcement of the PIPE transaction comes against the backdrop of Sharps Technology’s release of its Form 10-Q report for the second quarter of 2025. The company reportedly began generating revenues in the quarter, reporting net revenue of $222,722.

According to the document publicized on August 14, Sharps Technology posted a gross margin loss of $1,032,027, attributed to start-up costs tied to revenue generation. Loss from operations totaled $5,028,151, with heavy expenditures falling on research and development, as well as general administrative costs.

However, the company reported a net income of $5,488,141 for the quarter, from a fair market value gain of $11,087,700 on warrants. Basic and diluted net income per share came to $10.45, a figure significantly affected by the warrant valuation.

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