Can Sharps Technology’s Solana treasury prove ‘strongest balance sheet’ claims?

Key TakeawaysWhat major changes did Sharps Technology announce in Q3 2025?The company raised $411 million through a PIPE deal, exited syringe manufacturing, and refocused on medical device distribution and digital asset management using Solana.How much SOL does Sharps Technology hold?As of 31st October 2025, Sharps holds over 2 million SOL, generating $17.7 million in staking revenue and fair-value gains.Sharps Technology, Inc. faced a sharp decline in market performance, with its stock trading at $2.86, down 7.14% at press time, according to Google Finance.What’s behind the Sharps Technology’s stock drop?The downturn followed the company’s latest announcement, revealing its third-quarter 2025 financial results and updates on its Solana [SOL]-based treasury strategy.Paul K. Danner, Executive Chairman, said,“The third quarter was transformative for Sharps Technology. Our adoption of a Solana-based treasury strategy, combined with a successful $411 million PIPE financing, has created the strongest balance sheet in the Company’s history.”He added that holding more than two million SOL, alongside staking rewards and a more efficient operating model, positioned Sharps to pursue new growth plans.Sharps Technology Q3 analysisYet, despite its blockchain push, Sharps Technology’s stock continued to slide, suggesting Solana integration has yet to win over investors. Still, its Q3 2025 report showed major transformation and liquidity gains.As per the report, the company raised $411 million through a PIPE deal, $267 million in cash and stablecoins, and $144 million in SOL, reinforcing its Solana-based treasury strategy. And, with over 2 million SOL in reserve and $17.7 million in staking revenue and fair-value gains, Sharps’ blockchain diversification is already showing financial promise.Other major crypto moves by the firmIn parallel, Sharps Technology also boosted its liquidity with $25.2 million in cash and stablecoins and received $1.9 million from the exercise of Series A warrants. The firm also closed long-standing legal disputes through a settlement with Plastomold Industries and associated entities, allowing it to redirect focus toward growth.That said, Sharps’ most significant shift came with its exit from syringe manufacturing, allowing it to focus on two priorities. That were medical device distribution and optimizing its Solana-based digital asset treasury.Hence, seeing all this, the management remains confident that this dual strategy will boost margins, strengthen finances, and drive long-term value. Still, it remains to be seen whether Sharps’ bold pivot into blockchain finance can overcome market skepticism.This is because Sharps Technology’s blockchain-driven shift came at a time when Solana itself was navigating one of its toughest quarters yet.Solana’s price actionAs of press time, SOL was trading at $137.80, down 2.97% in the past 24 hours, according to CoinMarketCap. The token has shed nearly 30% in Q4, making it the worst-performing major altcoin of the period. Unlike other cryptocurrencies that saw brief recoveries in early October, Solana’s decline began as early as mid-September, when it peaked at $253.However, despite Solana’s downturn, institutional confidence remained strong, with over 20 digital asset trusts and two ETFs accumulating 24 million SOL. While some whales have sold at losses, big investors continue to view Solana’s weakness as a long-term buying opportunity.