Solana treasuries gain momentum as big names enter the field
Sharps Technology announced a $400 million fundraise to kickstart its solana treasury as three crypto firms aim to raise $1 billion to enter the race.
The solana corporate treasury space is getting more popular, as Bloomberg reports that Galaxy Digital, Multicoin Capital, and Jump Crypto are entering the race. The firms are reportedly seeking to raise $1 billion to create a solana treasury by “taking over an unidentified publicly traded entity.” Cantor Fitzgerald is set to be the lead banker for the transaction and the Solana Foundation has endorsed the deal, which is expected to close in September.
Also today, Sharps Technology, a medical device and pharmaceutical packaging company, entered the solana treasury fray, sending shares soaring over 70%. Sharps Technology announced it will establish “the largest Solana Digital Asset Treasury Strategy to date,” funded by a $400 million PIPE deal with the backing of Monarq Asset Management, ParaFi, and Pantera. The deal is expected to close August 28 and Cantor Fitzgerald will also play a role, being the lead placement agent.
Sharps Technology noted it has signed a nonbinding letter of intent with the Solana Foundation, which commits to “selling $50 million of SOL at a 15% discount to a 30-day time-weighted average price, subject to certain conditions being met.”
Finally, DeFi Development Corp. announced today that it has entered into definitive agreements for a $125 million equity offering priced at $12.50 per share to “acquire as much SOL as possible, as quickly as possible, and do it in a way that compounds value per share for our investors,” Joseph Onorati, DeFi Dev. CEO, said in the release. Cantor Fitzgerald is also in play here, serving as exclusive financial adviser and sole placement agent to the company. The company, which holds over 1.42 million solana, saw its shares sink on market open.
Onorati told Sherwood News that the company is encouraged to see other players recognizing what it saw early: that solana is one of the most compelling treasury assets in crypto.
“DFDV was the first US-listed company to establish a solana treasury strategy, and we’re pleased to continue to be one of the few crypto-native operators executing a crypto treasury playbook. Our focus has always been on putting capital to work in a way that compounds solana per share for our investors while directly supporting the solana ecosystem through our validator infrastructure and DeFi integrations,” Onorati said.
Dan Kang, head of investor relations, told Sherwood that additional entrants only validate the strength of the thesis.
“The more capital that comes into solana, the stronger the network becomes — and the better positioned DFDV is to keep scaling as the benchmark solana treasury vehicle in public markets,” Kang said.
