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.
New Solana Treasury In The Makings
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.
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To further strengthen its position in the crypto ecosystem, Sharps has appointed Alice Zhang, a venture capitalist and co-founder of the crypto smartphone maker Jambo, to its board as the new chief investment officer. James Zhang, another co-founder from Jambo, will serve as a strategic advisor.
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.”
However, Sharps’ frontrunner status in the Solana treasury market may be short-lived. Fortune reports that major crypto players, including Galaxy Digital, Multicoin Capital, and Jump Crypto, are in the process of raising $1 billion to launch their own Solana treasury company.
Strategy Expands Bitcoin Holdings
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.
This trend extends to the market’s largest altcoins, including XRP, Binance Coin (BNB), and The Open Network’s (TON) native token. This strategy has taken even higher relevance under the US’s leadership in creating a supportive framework for digital assets in the country.
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In tandem with these developments, Strategy (previously MicroStrategy), the world’s largest corporate holder of Bitcoin (BTC), announced on Monday that it had acquired additional tokens, taking advantage of the current retrace.
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
