Sharps Technology, Inc. reported its third-quarter 2025 financial results, revealing a transformative shift to a Solana-based treasury strategy. The company raised $411 million through a private investment in public equity (PIPE) deal, comprising $267 million in cash and stablecoins and $144 million in SOL, bolstering its digital asset reserves.
As of October 31, 2025, Sharps holds over 2 million SOL, generating $17.7 million in staking revenue and fair-value gains. Executive Chairman Paul K. Danner emphasized that this move created the strongest balance sheet in the company's history, enabling a focus on medical device distribution and digital asset management after exiting syringe manufacturing.
Despite these efforts, Sharps' stock price plummeted to $2.86, down 7.14%, hitting record lows. The core business struggled, with only $83,622 in revenue against $1.2 million in manufacturing costs and $110.7 million in administrative expenses, leading to a net loss of $103 million for the quarter.
Solana's price decline exacerbated pressures, with SOL trading at $137.80, down nearly 30% in Q4 2025, reducing the value of Sharps' SOL holdings from $404 million to $275 million. Institutional confidence persisted, with over 20 digital asset trusts and two ETFs accumulating 24 million SOL, but market skepticism over the treasury strategy's viability remains high.
