Small Biotech Plans $400M Solana Treasury Raise

Sharps Technology, a small medical device and pharmaceutical packaging company, announced plans to raise over $400 million through a private placement to fund a treasury for Solana, one of the largest cryptocurrencies by market capitalization. The transaction, expected to close on August 28, aims to position Sharps as the largest Solana digital asset treasury, surpassing competitors like Upexi and DeFi Development Corp. Venture capitalist Alice Zhang, cofounder of crypto smartphone maker Jambo, will join Sharps as chief investment officer, bringing experience in scaling institutional digital asset platforms. The raise attracted major crypto investment funds such as ParaFi Capital, Pantera Capital, and CoinFund. However, Sharps' lead may be brief as prominent crypto firms including Galaxy Digital, Multicoin Capital, and Jump Crypto reportedly seek to raise $1 billion to launch their own Solana treasury. This move reflects a broader trend of small public companies establishing digital asset treasuries by holding cryptocurrency on their balance sheets.