The crypto treasury rush continues. Sharps Technology, a small medical device and pharmaceutical packaging company, announced Monday that it plans to sell $400 million worth of its stock to fund a treasury for Solana, one of the largest cryptocurrencies by market capitalization. Large crypto investment funds like ParaFi, Pantera Capital, and CoinFund contributed to the raise.
The transaction, which would turn the medical device firm’s stock into a proxy for the price of Solana, is expected to close on Aug. 28. Alice Zhang, a venture capitalist and cofounder of crypto smartphone maker Jambo, will join the board of Sharps and become the company’s chief investment officer. James Zhang, another cofounder of the smartphone company, will join as a strategic advisor and consultant.
