Sharps Tech Boosts Solana Bet With $100M Buyback, Eyes Largest Digital Asset Trust Fund
Sharps Technology, a leading investment firm, has expanded its stock repurchase program to $100 million. This move comes amidst strong performance in the Solana ecosystem and growing demand for Solana-based investment products.
Alice Zhang, Chief Investment Officer at Sharps Technology, recently announced the company's ambition to become the largest Solana digital asset trust fund. This decision is driven by the growing market demand for Solana-based investment products and Sharps' desire to secure a leading position in this emerging sector.
Sharps' confidence in Solana is reflected in its recent performance. The broader Solana ecosystem has shown robust growth in the final quarter of the year, with SOL trading at $228.04, a 55.5% increase over three months. Sharps currently holds 2 million SOL, valued at approximately $448 million.
The company's buyback program follows similar moves in the growing Solana treasury sector. Sharps will use Crypto.com's custody infrastructure and OTC desk to manage its digital asset treasury. Meanwhile, the potential decision by the U.S. SEC on a Solana ETF on October 10 is being closely watched by market analysts. Sharps has also signed an agreement with the Solana Foundation to purchase $50 million worth of SOL at a 15% discount.
Sharps Technology's $100 million stock buyback program underscores its commitment to the Solana ecosystem. Despite a recent dip in Sharps' stock (STSS) by around 43% since its August peak, the company's strategic investments in Solana indicate a positive outlook on the cryptocurrency's future.
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