Nasdaq-listed Sharps Technology, which owns $448 million in Solana, is launching a $100 million share buyback program to support the price of STSS.
Sharps Technology invests in $100 million in share buybacks, with $448 million Solana vault
The American company Sharps Technology (STSS), known for its bet on Solana (SOL), has announced a new share buyback program of up to $100 million.
Management emphasizes that such a move signals to investors that the company’s shares are undervalued compared to its digital assets. The buyback will be carried out both on the open market and through separate transactions.
Solana Treasury Worth Hundreds of Millions
In August, Sharps Technology announced plans to become the largest Solana Digital Asset Treasury (DAT), raising more than $400 million in PIPE funding. The round was led by well-known funds including ParaFi Capital and Pantera Capital.
The company now holds 2 million SOL, with a market value of about $448 million.
Market Reaction and Competitors
Despite the ambitious moves, STSS shares on the Nasdaq fell 4% to $6.52 on Thursday. For comparison, in late August the price reached $16, after which there was a sharp decline.
Sharps Technology is not the only company betting on Solana. Last week, DeFi Development also expanded its share buyback program from $1 million to $100 million. Other large Solana treasury funds include Upexi and Forward Industries, according to The Block.
Crypto.com Management
Earlier this week, Sharps Technology announced that it would use Crypto.com’s institutional custody infrastructure and OTC desk to manage its crypto vault.
Related: Solana’s Institutional Wave Builds: Pantera Eyes $1.25 Billion Treasury
