Nasdaq-listed firm Sharps Technology (STSS) rallied as much as 70% on Monday on raising $400 million to establish what it says could become the largest corporate digital asset treasury of Solana .
The firm’s fundraising drew backing from some of the most active investors in digital assets, including ParaFi, Pantera, FalconX, CoinFund and Arrington Capital. Under the deal, shares were sold at $6.50 per unit with attached warrants exercisable at $9.75. Closing is expected by August 28.
The stock briefly topped $13 in the morning U.S. hours before paring gains, up 53% from $7.3 at Friday’s close.
The company plans to allocate the funds primarily toward acquiring SOL, the native token of the Solana blockchain. Alice Zhang, co-founder of Solana-backed project Jambo, also joined the firm as chief investment officer and board member.
The Solana Foundation, the non-profit development organization focusing on the Solana network, has…
