Medical Device Firm’s Stock Spikes After Pivoting to Solana With $400 Million Treasury Plan
The post Medical Device Firm’s Stock Spikes After Pivoting to Solana With $400 Million Treasury Plan appeared on BitcoinEthereumNews.com.
In brief Nasdaq-listed Sharps Technology is raising $400 million to buy Solana. The medical device company is the latest to adopt a Solana treasury strategy. A number of publicly traded firms are putting cryptocurrency on their balance sheets. Nasdaq-listed medical device company Sharps Technology’s stock boomed on Monday after the firm said it would pivot to a crypto treasury strategy and raise hundreds of millions of dollars to buy Solana. Sharps Technology’s stock (STSS) was up by over 40% Monday as of the close of the trading day, going for $10.35 per share after hitting a high of $13.28 earlier in the day. The firm announced Monday that it was raising $400 million via a private placement offering to buy SOL, the sixth-biggest digital coin by market cap. Sharps Technology declined to comment further to Decrypt. “Global adoption of Solana’s ecosystem is accelerating as it continues to receive institutional support for its vision of a single global market for every tradable asset, making now the right time to establish a digital asset treasury strategy with SOL,” Alice Zhang, Sharps Technology’s newly appointed chief investment officer and board member, said in a statement. “We will have a team with deep ties to the Solana ecosystem and proven founder-level experience in scaling institutional digital asset platforms,” she added, “which we believe will set the company up for success.” The company is the latest publicly traded firm to pivot to buying and holding crypto. A number of firms have bought Bitcoin, Ethereum, and other altcoins to get better returns for shareholders. Crypto firms Galaxy Digital, Jump Crypto, and Multicoin Capital are in talks to raise a $1 billion treasury fund dedicated to buying and holding SOL, Bloomberg reported Monday, citing an unnamed source familiar with the matter. Strategy—formerly MicroStrategy—was the first publicly…
