Sharps Technology saw its stock price rally as much as 70% on Monday after announcing a $400 million fundraise aimed at creating the largest corporate Solana treasury.
The Nasdaq-listed firm secured backing from leading digital asset investors including ParaFi, Pantera, FalconX, CoinFund, and Arrington Capital.
Shares were issued at $6.50 per unit, with attached warrants exercisable at $9.75. The offering, expected to close by August 28, briefly sent the stock above $13 before it settled 53% higher at midday.
The funds will be primarily allocated toward acquiring SOL, Solana’s native token, with additional support from the Solana Foundation, which has committed $50 million in discounted SOL tokens.
Alice Zhang, co-founder of Solana-backed project Jambo, was appointed chief investment officer and board member. Sharps becomes the latest in a growing list of listed companies building digital asset treasuries, following Michael Saylor’s Strategy model, as investor enthusiasm shifts toward Solana-focused vehicles.
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