Sharps Technology raises over $400 million to establish the largest Solana DAT fund

The small-cap medical device company Sharps Technology (STSS) announced that it is raising over $400 million through a PIPE to purchase Solana, aiming to become the largest digital asset reserve fund (DAT) on Solana. The deal is expected to be completed on August 28.

Participating investors include ParaFi Capital and Pantera Capital. This move places Sharps among a group of small Nasdaq companies pivoting towards a DAT strategy, alongside Upexi ($370 million SOL) and DeFi Development Corp ($199 million SOL).

Sharps Technology's stock surged nearly 70% during trading on Monday.

New Chief Investment Officer Alice Zhang stated that the establishment of the Solana reserve fund occurs in the context of the Solana ecosystem strongly attracting support from global institutions, creating an opportunity for the company to capitalize on this trend. Zhang previously co-founded Avalon Capital and Jambo – "the first Web3 phone with a built-in decentralized app store."