Nasdaq listed in Firm Sharps Technology (STSS) Rallied of nearly 70% on Monday at Increase $ 400 million to establish what it says can be the largest corporate digital asset treasury of Solana .
Firm’s fundraising has been 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 that could be used at $ 9.75. The closure is expected of August 28th.
Stock briefly led $ 13 in the morning of US hours before the recovers, up to 53% from $ 7.3 on the near Friday.
The company plans to allocate funds especially in the acquisition of SOL, the native token of Solana Blockchain. Alice Zhang, Solana’s co-founder supported by Project Jambo, also joined the firm as Chief Investment Officer and Board Member.
The Solana Foundation, the non-profit development organization dedicated to the Solana network, is dedicated to selling $ 50 million in Sol Tokens to a 15% discount at a 30-day average price of average time, subject to conditions, according to Press release.
Sharps is the latest public company that pivoting to accumulate cryptocurrencies, a recent trend that has gained stock markets. These firms, often called digital asset treasury (Dats)Raise money to capital markets to buy cryptos, aimed at copying Michael Saylor’s approach success (Mstr). The approach has become the largest -owned Bitcoin corporation with a stash worth north of $ 70 billion.
The fever has expanded to Solana, with Sol techniques (Hodl)Defi Development (DFDV) and UPEXI (Upxi) Being among the listed companies stacked with Sol.
The dat as a proxy play at crypto prices and most of them trade in a premium relative -child in the underlying handles. However, they may undergo pressure during market Falls When premium contracts, creating their ability to raise funds in fuel purchases.
Read more: Corporate Bitcoin Treasury can raise credit risks, says MorningStar DBRS
Upcoming $ 1B Sol Treasury, DFDV to sell equity
Sharps’s move was not the only news related to Treasury on Monday.
Known Crypto companies Galaxy Digital, Multicoin Capital and Jump Crypto have been reported Looking To raise $ 1 billion to produce a Treasury dedicated to Sol. They plan to buy a listed firm and rent Cantor Fitzgerald as the leading banker.
Meanwhile, defi development (DFDV)led by former Kraken executive, announced On Monday to raise $ 125 million by selling equity, seeking to increase its Sol Holdings.
The stock dropped 19% in the news.
