Pantera Backs Sharps Technology’s $400M Solana Play Amid Digital Asset Treasury Surge
Sharps Technology Inc. (STSS), a small-cap medical device company, announced plans to raise over $400 million via a private placement closing Aug. 28 to accumulate Solana (SOL), aiming to become the largest Solana digital asset treasury (DAT). Investors include ParaFi Capital and Pantera Capital, the latter of which has been aggressively backing DAT projects, investing hundreds of millions this year. This move puts Sharps alongside firms like Upexi ($370M SOL) and DeFi Development Corp ($199M SOL) already holding large Solana treasuries. Meanwhile, Pantera is pursuing an even larger $1.25B Solana treasury company, potentially the world’s biggest, while Galaxy Digital, Jump Crypto, and Multicoin Capital are also raising $1B for a similar venture. Overall, public companies now hold about 3.44M SOL (~$650M), and the surge of DAT initiatives highlights a growing corporate shift toward dedicated Solana treasuries as an alternative to ETFs or direct token holding, with potential for higher returns via yield strategies.