Sharps Technology, Inc. (NASDAQ: STSS) said Thursday that it has expanded its digital asset treasury program through a strategic collaboration with Coinbase Global, Inc., one of the world’s largest digital asset service platforms. Under the agreement, Sharps, which has already accumulated more than 2 million SOL, will rely on Coinbase’s institutional services as it scales its Solana-focused treasury strategy.
With SOL trading above $210, Sharps’ Solana holdings are currently valued at more than $400 million, the company said. As part of the collaboration, Sharps intends to use Coinbase Prime’s custody infrastructure and the exchange’s over-the-counter desk to support safekeeping and execution of large trades. The move shows Sharps’ preference for working with regulated, institutional-grade digital asset providers as it builds out an on-chain yield program.
“Coinbase is an ideal platform for STSS as it seeks to leverage its digital asset treasury strategy to help advance decentralized finance,” said James Zhang, Strategic Advisor to STSS. He added that the Coinbase product suite gives Sharps access to the deep liquidity and competitive pricing necessary to manage a leading Solana treasury effectively.
Sharps Technology, which operates as a medical device sales and distribution company, has been shifting portions of its balance sheet into digital assets. The company’s strategy centers on accumulating SOL, the native token of the Solana blockchain, and using capital markets raises to deploy those assets into on-chain yield opportunities within the Solana ecosystem. The Coinbase partnership is the latest step in Sharps’ effort to support broader adoption of digital assets while keeping custody and trading within regulated channels.
Broader Adoption of Solana
In recent months, Sharps Technology has not been alone in its bet on Solana as a corporate treasury asset. A number of publicly traded firms have been aggressively accumulating SOL, both staking it and integrating Solana into their long-term capital strategies. According to data from Strategic SOL Reserve, as of today, eighteen public companies hold around 17.806 million SOL in total, roughly 3.10% of Solana’s circulating supply.
Among the notable peers is Upexi, Inc., which holds about 2 million SOL, valued at around $422 million. DeFi Development Corp. (formerly Janover) has also emerged as a major player: it now holds in excess of 2 million SOL, adding large purchases in recent months and using its SOL treasury strategy to tie executive compensation to “SOL per share” metrics.
Meanwhile, Forward Industries made one of the boldest moves, raising about $1.65 billion in a private investment in public equity (PIPE) to purchase over 6.8 million SOL at a total cost of nearly $1.58 billion, marking it as one of the largest single corporate SOL treasuries on record. Moreover, Forward Industries recently filed an automatic shelf registration allowing it to issue up to $4 billion in at-the-market common stock. The company said the proceeds will help strengthen and expand its growing Solana treasury strategy.
These moves point to a broader shift in how corporate treasuries think about crypto. Increasingly, companies are treating Solana not as a speculative gamble but as a productive, yield-producing asset, staking tokens, using lockups and structured programs, and leaning on regulated custodians and OTC desks to earn returns without sacrificing compliance. If it keeps up, this trend could fundamentally change how public companies allocate capital and manage their balance sheets in the digital-asset era.
