PANews August 25 news, according to PR Newswire, Sharps Technology (NASDAQ: STSS/STSSW) announced a private placement of over $400 million to support its digital asset portfolio strategy. Under this strategy, its main holding will be the native digital asset SOL of the Solana blockchain. The PIPE transaction is expected to be completed around August 28, 2025, but is subject to customary closing conditions. Upon completion of the transaction, the company plans to use the net proceeds of this offering primarily to purchase SOL in the open market, establish a corporate SOL fund operations department, and for working capital and general corporate purposes. Sharps Technology has signed a non-binding letter of intent (LOI) with the Solana Foundation. According to the terms of the LOI, the Solana Foundation commits to sell $50 million worth of SOL at a discount price of 15% below the 30-day time-weighted average price, using only the proceeds from the company's public offering, subject to certain conditions.