Sharps Technology’s shares have nearly doubled in value since Monday, after the medical devices maker announced A 400 million dollar move was made to fund a new treasury plan centered around Solana’s native coin. Stocks jumped from $7.40 up to $14.53 intraday before dropping to $12.01 as of this writing.
Sharps and the Solana Foundation signed a letter to intent for Sharps’ purchase of Solana.SOL) tokens via a private investment in public equity (PIPE) transaction — a type of financing deal where accredited investors buy shares of a publicly traded company at a discount to the current market price.
Sharps would acquire SOL tokens worth $50 million at a discount of 15% on their average 30-day price.
Investors can fund their allocations with locked or unlocked SOL and receive pre-funded, stapled warrants as a return. This structure ties equity exposure to Solana directly.
Sharps also announced the appointment of Jambo co-founder Alice Zhang as chief investment officer to lead the shift and added James Zhang as a strategic adviser — both well-known figures in the Solana ecosystem.
Related: Galaxy Digital, Multicoin, Jump Crypto plan $1B Solana fund: Report
Companies in the health sector are turning to cryptocurrency treasuries
Publicly traded crypto treasury firms are companies that own digital assets such as Bitcoin.BTCThe stock will give investors an indirect exposure to cryptocurrency assets. Michael Saylor, of Strategy 2020, first came up with the idea in 2020. inspired hundreds of companies You can follow the example.
This model is gaining traction, especially in the healthcare sector. Several small and mid-cap companies have shifted to crypto-treasuries as a way of diversifying and attracting investor interest.
In November 2024, Hoth Therapeutics, a New York–based biopharma developing therapies for skin, cancer and autoimmune diseases, said it would allocate $1 million in Bitcoin as a treasury assetThe move is framed as an inflation hedge.
Atai Life Sciences is a Nasdaq listed biopharma that develops psychedelic-based treatments for mental health. Christian Angermayer, the founder of Atai Life Sciences, said that his company will develop psychedelic-based mental health treatments. purchase $5 million in BitcoinSubstack posts argue that drug research is not a priority. “cash-hungry” It can take a decade or more to get regulatory approvals.
180 Life Sciences – a biotech company working on antiinflammatory therapeutics – rebranded to ETHZilla in July and announced plans for a new facility. $425 million Ether treasury After its stock fell 99%.
Charles Schwab of Wall Street warned recently in an educational video The companies that you can work with “putting large chunks of cash in a historically volatile asset that isn’t tied to their core business has raised a red flag or two.”
Magazine: Asia Express: ‘China’s MicroStrategy’ Meitu sells all its Bitcoin and Ethereum
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Source: cointelegraph.com
