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4d ago

Solana Treasury Race Accelerates With Sharps’ $400 Million Raise and DeFi Dev’s $125 Million Plan

Institutional players are using public-company takeovers and PIPE structures, with a reported $1 billion vehicle backed by the Solana Foundation targeting an early-September close.

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A billion-dollar Solana reserve? Wall Street giants jump onto SOL
Crypto giants galaxy, jump and multicoin seek $1b to raise largest solana treasury: report

Overview

  • Sharps Technology said it raised over $400 million in a private placement set to close on August 28 and signed an LOI with the Solana Foundation to buy $50 million in SOL at a 15% discount.
  • Sharps’ financing drew ParaFi, Pantera and CoinFund, and the company appointed Jambo cofounder Alice Zhang as chief investment officer to lead the Solana treasury strategy.
  • DeFi Development Corp. filed an SEC EX-99.1 for a roughly $125 million equity offering priced at $12.50 per share, with proceeds earmarked for spot and discounted locked SOL and a closing targeted for August 28.
  • Galaxy Digital, Multicoin Capital and Jump Crypto are in talks to raise about $1 billion for a Solana treasury via the takeover of a listed company, with Cantor Fitzgerald as lead banker and reported Solana Foundation support.
  • Pantera Capital is reported to be planning up to $1.25 billion to convert a Nasdaq-listed firm into a Solana treasury vehicle, while SOL has slipped below $200 during a broader market pullback.