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Sharps Technology has moved its $435 million Solana (SOL) treasury to Coinbase as part of a new strategic collaboration with the U.S.-based crypto exchange.
The move marks one of the largest corporate digital asset migrations to date and reinforces Sharps’ growing commitment to blockchain-based finance.
Sharps Technology Selects Coinbase to Safeguard Its Treasury
The company said it has so far accumulated more than 2 million SOL tokens, valued at over $400 million, with SOL trading above $210.
The transfer to Coinbase is intended to strengthen Sharps’ Solana treasury management and provide institutional-grade security through Coinbase Prime’s custody and over-the-counter (OTC) trading products.
“Coinbase is an ideal platform for STSS as it seeks to leverage its digital asset treasury strategy to help advance decentralized finance,” said James Zhang, strategic advisor to Sharps Technology.
He added that Coinbase’s infrastructure offers the liquidity and pricing efficiency needed to manage one of the largest Solana treasuries in the market.
The partnership comes just months after Sharps Technology announced one of the most aggressive blockchain treasury strategies among public companies.
In August, the firm closed a $400 million private investment in public equity (PIPE) deal with backing from ParaFi Capital, Pantera Capital, and Monarq Asset Management. The financing, priced at $6.50 per unit with stapled warrants exercisable at $9.75, was designed to build what the company called the world’s largest Solana treasury.
As part of that plan, Sharps also signed a memorandum of understanding with the Solana Foundation to acquire $50 million worth of SOL at a 15% discount to its 30-day average price.
The agreement, according to the company, reflects a shared goal of expanding Solana’s role as a global financial infrastructure layer capable of handling institutional-scale settlement and liquidity.
In October, Sharps followed up with a $100 million stock repurchase program, authorizing the buyback of common shares through both open market and privately negotiated transactions.
The company said the repurchase plan would allow it to manage shareholder value while maintaining a strong balance sheet alongside its blockchain treasury holdings. The decision to entrust its Solana reserves to Coinbase shows Sharps’ focus on regulatory compliance and asset protection.
Coinbase Prime, which caters to institutional investors, provides insured custody and integrated trading services for corporate clients, a key consideration for firms managing large crypto treasuries.
Helius Expands Solana Holdings as Institutional Treasuries Cross $4B
Helius, a Solana-focused Digital Asset Treasury (DAT) firm, is weighing plans to acquire up to 5% of Solana’s total supply, a stake worth more than $6 billion at current prices.
The company, formerly known as Helius Medical Technologies, has already built one of the largest Solana treasuries to date.
As of October 6, it held more than 2.2 million SOL tokens worth roughly $525 million, alongside $15 million in cash reserves.
The holdings were accumulated shortly after closing a $500 million private placement in September led by Pantera Capital, with an additional $750 million in stapled warrants that could expand total treasury capital to $1.25 billion.
Data from the Strategic Solana Reserve shows institutional holdings exceeding $4 billion across 18 participants, representing about 3.1% of the token’s circulating supply.
Forward Industries leads with 6.8 million SOL valued at $1.69 billion, followed by Sharps Technology with 2.1 million SOL and DeFi Development Corp with just over 2 million SOL.
Forward Industries recently closed a $1.65 billion private placement backed by Galaxy Digital, Jump Crypto, and Multicoin Capital. It also announced plans to tokenize its equity through a partnership with Superstate.
Elsewhere, VisionSys AI has unveiled a $2 billion Solana treasury initiative in collaboration with Marinade Finance, while Fitell Corporation secured a $100 million credit line and plans to rebrand as Solana Australia Corporation.
Sharps Technology and DeFi Development Corp have both expanded their stock repurchase programs following sizable SOL acquisitions. Upexi Inc., another participant, now holds 2 million SOL valued at $377 million.
