Sharps Technology, a US-listed company, plans to raise $400 million to establish the world's largest SOL treasury.

On August 25th, prnewswire reported that Sharps Technology, Inc. (STSS), a US-listed company, announced it is raising $400 million to fund a digital asset treasury strategy centered around Solana (SOL), the native asset of the Solana blockchain.

Investors include ParaFi, Pantera, Monarq, FalconX, Phoenix Capital, Bastion Trading, RockawayX, Syncracy, Borderless, Republic Digital, Arche Capital, CoinFund, Arrington Capital, Quantstamp, CoinList Alpha, Primitive Ventures, Avenir, and Hypersphere.

Cantor Fitzgerald, previously founded by US Treasury Secretary Lutnick, is the lead underwriter. The funds raised will be used to purchase Sol in the secondary market to initiate a strategic reserve of Sol.

Sharps has signed a non-binding letter of intent with the Solana Foundation, under which the foundation will sell $50 million worth of Solana tokens at an 85% premium to its 30-day weighted average price.

The lead investors include: Executive Chairman Paul K. Danner; Chief Investment Officer and Board Member Alice Zhang, co-founder of Jambo; and Strategic Advisor and Consultant James Zhang, CEO and co-founder of Jambo, who previously worked at Coinbase, Bitmain, and Messari.

As of pre-market trading on August 25, Sharps $STSS stock price surged 52% to $11.2, a 72% increase from the offering price.

Alice Zhang, the newly appointed Chief Investment Officer and Director, said: "Solana is defining a new standard for digital infrastructure, providing a high-throughput, low-cost, real-time settlement layer for a wide range of assets, including blue-chip stocks, bonds, and private equity. As its vision of building a unified global marketplace for tradable assets continues to gain institutional support, global adoption of the Solana ecosystem is accelerating, and now is the perfect time to establish the SOL digital asset treasury strategy. The team we have assembled not only has deep ties to the Solana ecosystem, but also has the experience of successful founders scaling institutional-grade digital asset platforms, which will lay the foundation for the company's success."