Solana treasury company Sharps Technology, Inc. (ticker STSS) is partnering with Coinbase Global to boost its SOL accumulation strategy.
According to a Thursday announcement, the collaboration will enable Sharps to use Coinbase Prime for custody, liquidity, and over-the-counter (OTC) trading for its stash of over 2 million SOL, worth about $435 million at current prices, according to The Block’s data.
“By utilizing Coinbase’s suite of products, STSS can enjoy the institutional-grade infrastructure, deep liquidity, and competitive pricing required to effectively manage a leading Solana treasury,” James Zhang, Strategic Advisor to STSS, said in a statement.
Several crypto treasury firms appear to have tapped Coinbase Prime for support, including the largest public Bitcoin holder, Strategy, a client of the exchange’s institutional-grade crypto trading and custody platform.
The move could help Sharps pull ahead of other Solana treasury companies, like Helius (ticker HSDT), DeFi Development Corp. (ticker DFDV), and Upexi (ticker UPXI), all of which hold a little over 2 million SOL tokens, according to The Block’s Solana treasury data.
Forward Industries (ticker FORD), which was recently formed through a partnership between Galaxy, Jump Crypto, and Multicoin Capital, is the largest corporate Solana holder with about 6.8 million SOL tokens in its control.
While many crypto ecosystems, like Ethereum and Tron, support multiple digital asset treasuries (DAT), Solana is somewhat unique in that the Solana Foundation has directly assisted multiple rival SOL DATs via token discounts.
Not all investors are happy with the arrangement. One Solana DAT insider told The Block that it may not make “a lot of sense to support many, many DATs,” given it could compress the multiple of Net Asset Value, or mNAV, of competing treasuries.
Sharps, initially a Nasdaq-listed small-cap medical device firm, pivoted towards crypto accumulation in August with backing from investors like ParaFi Capital and Pantera Capital and plans to become the “largest Solana digital asset treasury.”
Last week, Sharps said it would acquire up to $100 million of the company’s outstanding common stock through a new repurchase program.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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