PANews reported on August 25th that Sharps Technology (NASDAQ: STSS/STSSW) announced a private placement of over $400 million to support its digital asset treasury strategy. Its primary holding will be Solana (SOL), the native digital asset of the Solana blockchain. The PIPE transaction is expected to close on or about August 28, 2025, subject to customary closing conditions. Upon completion, the company plans to use the net proceeds from the offering primarily to acquire SOL on the public market, establish its SOL treasury operations unit, and for working capital and general corporate purposes. Sharps Technology has signed a non-binding Letter of Intent (LOI) with the Solana Foundation. Under the terms of the LOI, the Solana Foundation commits to using only the proceeds from the public offering to sell $50 million worth of SOL at a 15% discount to its 30-day time-weighted average price, subject to certain conditions.