Sharps Technology Joins Biotech-to-Blockchain Trend With Major SOL Play
- Keyword Financial
- Aug 25
- 4 min read
Introduction
Shares of Sharps Technology nearly doubled after the company announced a bold $400 million crypto treasury strategy built around Solana’s native token (SOL). The medical device maker signed a letter of intent with the Solana Foundation to acquire $50 million worth of SOL via a discounted private investment deal. Investors in the transaction will receive warrants tied directly to Solana exposure, while Sharps brought in Solana ecosystem figures—Alice Zhang as chief investment officer and James Zhang as strategic adviser—to guide the pivot. The deal is expected to close by late August.
The move places Sharps in a growing group of health-sector firms experimenting with digital assets as balance-sheet strategies. The trend began in 2020 with firms like MicroStrategy pioneering Bitcoin treasuries, but smaller biotech and healthcare companies have since followed suit. Examples include Hoth Therapeutics, which put $1 million into Bitcoin as an inflation hedge, and Atai Life Sciences, which allocated $5 million, arguing that capital-intensive drug development requires creative financing. More recently, 180 Life Sciences rebranded itself as ETHZilla and outlined plans for a $425 million Ether treasury after sharp stock declines.
Despite the enthusiasm, the pivot comes with risks. Financial strategists, including Wall Street firms like Charles Schwab, have cautioned that loading company treasuries with highly volatile assets—especially when unrelated to their core business—may signal instability to investors rather than strength. Still, Sharps’ partnership with Solana suggests that some companies in traditional industries view blockchain not just as a speculative play but as a way to align themselves with fast-growing digital ecosystems. The key question for investors is whether these treasury strategies will provide meaningful long-term value or prove to be risky detours from core business operations.
