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Sharps Technology Moves $435M Solana Treasury to Coinbase — Will It Top Rivals?

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Sharps Technology has moved its $435 million Solana (SOL) treasury to Coinbase as a part of a brand new strategic collaboration with the U.S.-based crypto alternate.

The transfer marks one of many largest company digital asset migrations to date and reinforces Sharps’ rising dedication to blockchain-based finance.

Sharps Technology Selects Coinbase to Safeguard Its Treasury

The firm stated it has to date gathered greater than 2 million SOL tokens, valued at over $400 million, with SOL buying and selling above $210.

The switch to Coinbase is meant to strengthen Sharps’ Solana treasury administration and supply institutional-grade safety by way of Coinbase Prime’s custody and over-the-counter (OTC) buying and selling merchandise.

“Coinbase is a perfect platform for STSS because it seeks to leverage its digital asset treasury technique to assist advance decentralized finance,” stated James Zhang, strategic advisor to Sharps Technology.

He added that Coinbase’s infrastructure affords the liquidity and pricing effectivity wanted to handle one of many largest Solana treasuries out there.

The partnership comes simply months after Sharps Technology introduced probably the most aggressive blockchain treasury methods amongst public corporations.

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 construct what the corporate referred to as the world’s largest Solana treasury.

As a part of that plan, Sharps additionally signed a memorandum of understanding with the Solana Foundation to purchase $50 million value of SOL at a 15% low cost to its 30-day common value.

The settlement, in accordance to the corporate, displays a shared aim of increasing Solana’s function as a worldwide monetary infrastructure layer able to dealing with institutional-scale settlement and liquidity.

In October, Sharps followed up with a $100 million stock repurchase program, authorizing the buyback of widespread shares by way of each open market and privately negotiated transactions.

The firm stated the repurchase plan would permit it to handle shareholder worth whereas sustaining a robust steadiness sheet alongside its blockchain treasury holdings. The determination to entrust its Solana reserves to Coinbase reveals Sharps’ deal with regulatory compliance and asset safety.

Coinbase Prime, which caters to institutional buyers, offers insured custody and built-in buying and selling companies for company shoppers, a key consideration for corporations managing massive crypto treasuries.

Helius Expands Solana Holdings as Institutional Treasuries Cross $4B

Helius, a Solana-focused Digital Asset Treasury (DAT) agency, is weighing plans to acquire up to 5% of Solana’s total supply, a stake value greater than $6 billion at present costs.

The firm, previously referred to 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 money reserves.

The holdings have been gathered shortly after closing a $500 million private placement in September led by Pantera Capital, with an extra $750 million in stapled warrants that might develop whole treasury capital to $1.25 billion.

Source: Strategic Solana Reserve

Data from the Strategic Solana Reserve shows institutional holdings exceeding $4 billion throughout 18 individuals, representing about 3.1% of the token’s circulating provide.

Forward Industries leads with 6.8 million SOL valued at $1.69 billion, adopted by Sharps Technology with 2.1 million SOL and DeFi Development Corp with simply over 2 million SOL.

Forward Industries just lately closed a $1.65 billion private placement backed by Galaxy Digital, Jump Crypto, and Multicoin Capital. It additionally introduced plans to tokenize its fairness through a partnership with Superstate.

Elsewhere, VisionSys AI has unveiled a $2 billion Solana treasury initiative in collaboration with Marinade Finance, whereas Fitell Corporation secured a $100 million credit line and plans to rebrand as Solana Australia Corporation.

Sharps Technology and DeFi Development Corp have each expanded their inventory repurchase packages following sizable SOL acquisitions. Upexi Inc., one other participant, now holds 2 million SOL valued at $377 million.

The put up Sharps Technology Moves $435M Solana Treasury to Coinbase — Will It Top Rivals? appeared first on Cryptonews.

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