The firm also announced on October 2 a stock repurchase program to acquire up to $100 million of its outstanding common stock.
Sharp Technology said on Friday it plans to expand its previously announced Solana digital asset treasury strategy with Coinbase. The digital asset service platform has acquired over 2 million SOL to date, which are valued at over $437 million at current SOL prices.
Sharp Technology said the initiative aims to leverage Coinbase Prime’s custody infrastructure and OTC desk products as part of the partnership. The firm added that the collaboration shows its support for the global adoption of digital assets and commitment to working with regulated digital asset service providers.
STSS believes Coinbase can effectively manage a leading SOL treasury
James Zhang, a strategic advisor to STSS, argued that Coinbase is an ideal platform for STSS, as it seeks to utilize its digital asset treasury strategy to help advance DeFi. He also acknowledged that Sharps Technology chose Coinbase for its institutional-grade infrastructure, deep liquidity, and competitive pricing, which are required to effectively manage the leading Solana treasury.
On-chain data shows that Sharps Technology currently ranks 4th among Solana treasury companies. The firm’s treasury strategy could help it pull ahead of other Solana treasury companies, including Helius, DeFi Development, and Upexi, all of which have a little over 2 million SOL tokens in their balance sheets.
At the time of publication, Solana is exchanging hands at $220, down 3.15% in the last 24 hours. Despite the drop, SOL is still up more than 56.5% in the last 12 months.
Zhang acknowledged that Solana is the next evolution in global finance, adding that it’s the top in staking yield, chain revenue, and app revenue amongst all major blockchains. He also believes that the firm’s digital asset treasury will generate significant long-term value for Sharp Technology’s shareholders.
“We believe our digital asset-native advisory team, defined accumulation strategy, and partnerships with top-tier asset managers position us well to become a leading SOL treasury.”
-Paul Danner, Executive Chairman of Sharps Technology.
Coinbase Prime has also tapped into other crypto treasury companies, including the largest Bitcoin holder, Strategy. Coinbase stated at the time that its mission is to create an open financial system, enabling companies to recognize the value of digital assets in growing the cryptocurrency economy.
Crypto.com and Sharps Technology also partnered in late September to enable STSS to use Crypto.com’s institutional-grade custody infrastructure and OTC desk to manage its digital asset treasury. STSS noted that the digital asset platform offers deep liquidity, competitive pricing, and discreet execution to manage its digital asset treasury. STSS said the initiative to deploy a portion of its capital through Crypto.com into its Solana treasury is meant to generate yield while simultaneously expanding liquidity across the Solana ecosystem.
STSS launches a stock repurchase program worth $100M
STSS announced on October 2 a stock repurchase program to acquire up to $100 million of its outstanding common stock. The firm stated that the initiative will enable the treasury company to repurchase its shares in the open market and through negotiated transactions.
Another Solana treasury firm, DeFi Development, approved to increase the company’s stock repurchase program from $1 million to up to $100 million. At the time of publication, DeFi Development is the second-largest Solana treasury company, holding slightly more than 2 million SOL, worth nearly $460 million.
DeFi Development partnered with Superteam Japan to establish Japan’s first Solana treasury project called DFDV JP. The treasury firm said the project will target companies seeking on-chain treasury strategies that can scale with staking yield, validator revenue, and ecosystem integrations. According to the report, the program will mainly focus on operational compounding rather than passive exposure.
Helius Medical Technologies revealed on Friday plans to expand its Solana treasury to at least 5% of the SOL supply. The Nasdaq-listed firm is also considering a second listing in Hong Kong. The DAT firm currently holds more than 2.2 million SOL.
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