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NEW YORK - Sharps Technology, Inc. (NASDAQ:STSS), currently trading at $6.69 with a market capitalization of $178 million, announced Thursday it has expanded its Solana digital asset treasury strategy through a new strategic collaboration with Coinbase Global, Inc. According to InvestingPro data, the company’s stock has shown significant volatility, with a 59% surge over the past six months despite broader challenges.
The medical device sales and distribution company has acquired over 2 million SOL tokens to date, currently valued at more than $400 million with SOL trading above $210, according to a press release statement. This strategic move comes as the company faces profitability challenges, with InvestingPro analysis showing negative EBITDA of $10.23 million in the last twelve months.
As part of the collaboration, Sharps Technology will utilize Coinbase Prime’s custody infrastructure and over-the-counter desk products to manage its Solana holdings.
"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 STSS, in the statement.
Sharps Technology has pivoted its business strategy to focus on accumulating SOL, the native digital asset of the Solana blockchain, while using capital markets raises to generate yield within the Solana ecosystem.
The partnership highlights the company’s support for global digital asset adoption and its commitment to working with regulated digital asset service providers.
Sharps Technology trades on the Nasdaq under the ticker STSS. The announcement comes as more public companies explore digital asset treasury strategies amid evolving market conditions. While the company maintains strong liquidity with a current ratio of 4.35, InvestingPro analysis reveals additional insights about the company’s financial health and market position. Subscribers can access 12 more exclusive ProTips and comprehensive financial metrics to better evaluate this strategic pivot.
In other recent news, Sharps Technology announced a $100 million stock repurchase program, enabling the company to buy back its common stock through various transactions based on market conditions. The company also resolved ongoing litigation with several parties, including Barry Berler and Plastomold Industries Ltd, through a confidential settlement agreement, with no admission of fault from either side. Additionally, Sharps Technology extended the deadline for filing its resale registration statement with the SEC, following an agreement with security holders owning a majority of the outstanding registrable securities.
Sharps Technology entered into a partnership with Jupiter Exchange to leverage its staking infrastructure for managing its Solana digital asset treasury. This agreement allows Sharps Technology to stake SOL holdings directly into Jupiter’s validator and utilize JupSOL, Jupiter’s liquid staking token platform. Furthermore, the company formed a strategic partnership with Pudgy Penguins to enhance its exposure in the Solana treasury space, integrating Pudgy Penguins’ brand with its operations. This collaboration follows Sharps Technology’s acquisition of over two million SOL tokens, valued at more than $400 million, facilitated by Cantor Fitzgerald & Co.
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