Sharps Technology announced Thursday it will acquire up to $100 million of its outstanding common stock through a new repurchase program. The Nasdaq-listed Solana digital asset treasury said the initiative will enable share buybacks in open market and negotiated transactions.
The medical device firm became a major Solana holder after initiating a private investment in public equity transaction worth over $400 million in August. ParaFi Capital and Pantera Capital participated in the financing round that supported the company's digital asset strategy.
Sharps Technology currently holds 2 million Solana tokens valued at approximately $448 million. The company clarified its cryptocurrency reserves will not be liquidated to fund the stock buyback program, addressing market concerns about potential asset sales.
Share buybacks typically help boost stock prices as management signals confidence that shares trade below their intrinsic value. The program provides flexibility to repurchase stock based on market conditions and trading opportunities.
Sharps Technology shares traded at $6.52 on Thursday, down 4 % according to Yahoo Finance. The stock has fallen significantly since spiking to $16 at the end of August following the company's Solana treasury announcement.
Fellow Solana treasury DeFi Development increased its stock repurchase program from $1 million to $100 million last week. Upexi and Forward Industries rank among other major digital asset treasuries holding substantial Solana positions.
The company aims to become the largest Solana digital asset treasury while maintaining its pharmaceutical business operations. August revenue from its core medical device segment continues to support operations alongside the cryptocurrency holdings.
Sharps noted the buyback program carries risks, including Solana volatility, regulatory changes, competitive pressures, and macroeconomic conditions. The company stressed it will execute repurchases strategically while preserving its position in the Solana ecosystem.