Shares of Sharps Expertise practically doubled Monday after the medical system 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 by way of a non-public funding in public fairness (PIPE) transaction — a kind of financing deal the place accredited buyers purchase shares of a publicly traded firm at a reduction to the present market value.
The deal, anticipated to shut on or round Aug. 28, would see Sharps purchase $50 million value of SOL tokens at a 15% low cost to their 30-day common value.
Traders could 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 steer 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 buyers oblique publicity to crypto belongings by means of their inventory. The concept was first conceived by Michael Saylor of Technique in 2020, and has since impressed tons of of corporations to comply with go well with.
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 entice investor consideration.
In November 2024, Hoth Therapeutics, a New York–primarily based biopharma creating therapies for pores and skin, most cancers and autoimmune illnesses, mentioned it will allocate $1 million in Bitcoin as a treasury asset, framing the transfer as an inflation hedge.
In March, the pattern reached Atai Life Sciences, a Nasdaq-listed biopharma creating psychedelic-based psychological well being therapies. Founder Christian Angermayer mentioned the corporate would buy $5 million in Bitcoin, arguing in a Substack submit 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 Avenue 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 crimson flag or two.”
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