Shares of Sharps Expertise almost doubled Monday after the medical gadget maker introduced a $400 million transfer to fund a brand new treasury technique constructed round Solana’s native token. The inventory jumped 96% from $7.40 to an intraday excessive of $14.53 earlier than easing to $12.01 at this writing.
Sharps signed a letter of intent with the Solana Basis to buy Solana (SOL) tokens through a non-public funding in public fairness (PIPE) transaction — a sort of financing deal the place accredited traders purchase shares of a publicly traded firm at a reduction to the present market worth.
The deal, anticipated to shut on or round Aug. 28, would see Sharps purchase $50 million price of SOL tokens at a 15% low cost to their 30-day common worth.
Traders might fund their allocations utilizing locked or unlocked SOL, receiving pre-funded and stapled warrants in return, a construction that ties fairness publicity on to Solana.
Sharps additionally introduced the appointment of Jambo co-founder Alice Zhang as chief funding officer to guide the shift and added James Zhang as a strategic adviser — each well-known figures within the Solana ecosystem.
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Well being sector corporations pivot to crypto treasuries
Crypto treasury corporations are publicly traded corporations that maintain digital belongings like Bitcoin (BTC) or SOL on their steadiness sheet, giving traders oblique publicity to crypto belongings via their inventory. The concept was first conceived by Michael Saylor of Technique in 2020, and has since impressed a whole lot of corporations to observe swimsuit.
The mannequin has not too long ago gained traction within the well being sector, the place a number of small-cap and mid-cap corporations have pivoted into crypto treasuries to diversify and appeal to investor consideration.
In November 2024, Hoth Therapeutics, a New York–primarily based biopharma growing therapies for pores and skin, most cancers and autoimmune illnesses, stated it might allocate $1 million in Bitcoin as a treasury asset, framing the transfer as an inflation hedge.
In March, the development reached Atai Life Sciences, a Nasdaq-listed biopharma growing psychedelic-based psychological well being remedies. Founder Christian Angermayer stated the corporate would buy $5 million in Bitcoin, arguing in a Substack publish that drug improvement is “cash-hungry” and regulatory approvals can take greater than a decade.
In July, 180 Life Sciences, a biotech engaged on anti-inflammatory therapeutics, rebranded as ETHZilla and introduced plans to construct a $425 million Ether treasury after its inventory had fallen 99%.
Wall Road agency Charles Schwab not too long ago warned in an academic video that corporations “placing massive chunks of money in a traditionally risky asset that isn’t tied to their core enterprise has raised a pink flag or two.”
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