Overview

• Sharps plans to close the private placement around August 28, with units priced at $6.50 and attached warrants exercisable at $9.75.
• Backers named in the deal include ParaFi, Pantera Capital, CoinFund, FalconX, Arrington Capital, Monarq, Phoenix Capital and others.
• The company said it signed a nonbinding memorandum with the Solana Foundation to purchase $50 million of SOL at a 15% discount to a 30‑day TWAP, subject to conditions.
• Alice Zhang will join the board as chief investment officer and James Zhang will serve as a strategic advisor to execute the Solana treasury strategy.
• Shares spiked after the announcement, with reports of intraday gains reaching about 70%, as rival efforts emerge including a Bloomberg‑reported $1 billion SOL vehicle by Galaxy Digital, Multicoin and Jump and a $125 million equity raise by DeFi Development Corp.