Street Calls of the Week
NEW YORK - Sharps Technology, Inc. (NASDAQ:STSS), a medical device company with a Solana digital asset treasury strategy and a current market capitalization of $209.64 million, announced Tuesday a partnership with Jupiter Exchange to utilize Jupiter’s staking infrastructure as part of its treasury management approach. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 4.35, though it faces profitability challenges.
Under the agreement, STSS plans to stake a portion of its SOL holdings directly into Jupiter’s validator through native staking. The company also intends to stake some assets to JupSOL, Jupiter’s liquid staking token platform. Jupiter Exchange is one of Solana’s leading decentralized finance platforms, having processed over $2 trillion in lifetime trading volume.
The partnership follows STSS’s recent acquisition of over two million SOL tokens, currently valued at more than $400 million with SOL trading above $220. This acquisition was funded through a private investment in public equity transaction. STSS shares, currently trading at $7.91, have shown significant volatility - one of several key insights available on InvestingPro, which offers 11 additional exclusive tips about the company’s performance and prospects.
"This partnership underscores our commitment to supporting the most ambitious builders in the Solana universe," said James Zhang, Strategic Advisor to STSS, according to the company’s press release.
Siong, co-founder of Jupiter, stated, "We look forward to growing the Solana pie together with STSS."
By staking its SOL holdings, STSS aims to earn staking yields while expanding liquidity in both the Jupiter and Solana ecosystems. Jupiter’s Solana validator ranks among the top three largest validators on the Solana network by staked tokens.
Sharps Technology describes itself as an innovative medical device and pharmaceutical packaging company offering patented syringe products to the healthcare industry. The company has adopted a digital asset treasury strategy focused on accumulating SOL, the native digital asset of the Solana blockchain.
The information in this article is based on a press release statement from Sharps Technology.
In other recent news, Sharps Technology announced a strategic partnership with Web3 brand Pudgy Penguins to expand its exposure in the Solana digital asset treasury space. This collaboration follows Sharps Technology’s acquisition of over two million SOL tokens, valued at more than $400 million, through a private investment in public equity transaction led by Cantor Fitzgerald & Co. Additionally, Sharps Technology entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. and Aegis Capital Corp., allowing the company to offer and sell shares of its common stock for up to $236.6 million. The agents are entitled to a commission of 3.0% of the gross proceeds from each sale.
Furthermore, Sharps Technology’s stock saw significant movement after announcing a private placement exceeding $400 million to establish a large Solana digital asset treasury strategy. The transaction involves the sale of common stock and warrants, with the deal expected to close around August 28. In corporate governance updates, Sharps Technology appointed Paul Danner as executive chairman, effective June 30, replacing Soren Christiansen. Timothy Ruemler has been named chairman of the Audit Committee, while Christiansen will take Danner’s former seat on the Compensation Committee.
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