Sharps Technology (STSS) stock jumped 70% Monday after announcing plans to raise over $400 million for a Solana treasury strategy. The company went from making medical packaging to becoming the latest Bitcoin treasury wannabe - except they picked Solana instead.
Same day, Galaxy Digital, Multicoin Capital, and Jump Crypto announced they're raising $1 billion for their own Solana fund with Cantor Fitzgerald as lead banker.
Corporate crypto is officially moving beyond Bitcoin.
The $400M Private Placement
Here's how this works: Sharps is selling new shares at $6.50 per unit to raise over $400 million, with the deal expected to close August 28. The money goes straight into buying Solana tokens.
They brought in actual crypto people to run this. Alice Zhang, former Jambo co-founder, becomes Chief Investment Officer. She actually built Web3 phones and knows DeFi. James Zhang joins as strategic advisor.
ParaFi, Pantera Capital, FalconX, and Republic Digital are backing the deal. These aren't random VCs - they manage billions in crypto assets. When Pantera writes a check, they've done their homework.
The Billion-Dollar Follow-Up
While Sharps was announcing their $400M plan, Galaxy Digital, Multicoin Capital, and Jump Crypto were quietly raising $1 billion for their own Solana treasury fund. Bloomberg reported they plan to acquire a publicly traded entity to establish the treasury vehicle.
This isn't retail FOMO. Galaxy manages institutional crypto infrastructure. Multicoin led Solana's $20 million Series A back in 2019 when SOL was $3. Jump Crypto makes markets across major DeFi protocols.
When these three firms pool $1 billion, institutional money is following. The transaction targets early September completion with Cantor Fitzgerald as lead banker.
Beyond the MicroStrategy Model
Michael Saylor bought $8+ billion worth of Bitcoin and turned MicroStrategy into a Bitcoin proxy. Simple playbook: buy, hold, never sell.
These Solana plays are different. Solana processes 2.2 million daily active users and generates real transaction fees. Companies can stake for 7-8% yields while building products on the network.
Bitcoin sits in cold storage. Solana can be productive capital.
Current Solana Treasury Rankings
Right now, Upexi leads with over 2 million SOL tokens worth about $400 million at current prices. DeFi Development Corporation holds 1.29 million SOL tokens, valued around $250 million.
Sharps' $400M+ would put them at the top temporarily. Then Galaxy's billion-dollar fund launches and dwarfs everyone. Classic crypto leapfrogging - everyone races to be biggest until someone with deeper pockets shows up.
Why Solana Makes Sense
Higher potential returns than Bitcoin. Solana DeFi TVL grew 30% last quarter to $8.6 billion. Futures open interest hit $6.34 billion on Friday - institutional positioning, not retail gambling.
The network rarely goes down anymore after 2022's stability improvements. Validator decentralization is improving. Regulatory clarity is better for utility tokens than store-of-value narratives.
The Real Risk
Solana is more volatile than Bitcoin. Network outages still happen occasionally. Validator concentration remains higher than Ethereum.
But diversification reduces concentration risk. If you're putting corporate cash into crypto, spreading across Bitcoin, Ethereum, and Solana makes more sense than betting everything on one token.
Corporate FOMO is Real
MicroStrategy's 1,000%+ stock run showed what's possible with a crypto treasury strategy. Now every CFO wants their version.
The difference: this generation isn't just buying Bitcoin. They're picking specific networks they think will capture more value as crypto matures.
Solana treasury companies, Ethereum staking operations, multi-asset crypto holdings. The corporate playbook is evolving.