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Sharps Technology Inc. (NASDAQ:STSS) announced on Thursday a new strategic collaboration with Coinbase Global Inc. (NASDAQ:COIN) to expand its digital asset treasury strategy, focusing on Solana (CRYPTO: SOL/USD), marking a significant push into blockchain-based financial infrastructure.
To date, STSS has acquired over 2 million SOL, currently valued at over $400 million, with Solana trading at over $210.
As part of the collaboration, the company intends to utilize Coinbase Prime’s custody infrastructure and OTC desk products.
Also Read: Sharps Technology Teams Up With Crypto.com To Grow Solana Strategy
James Zhang, Strategic Advisor to STSS, stated, “Coinbase is an ideal platform for STSS as it seeks to leverage its digital asset treasury strategy to help advance decentralized finance.”
“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,” he added.
The partnership highlights the company’s support for the global adoption of digital assets and its commitment to working with secure and regulated digital asset service providers.
Sharps Technology, a medical device distribution firm, has implemented a digital asset treasury strategy focused on acquiring SOL, the native token of the Solana blockchain.
The strategy is supported by capital markets fundraising, which aims to generate on-chain yield through participation in the Solana ecosystem.
Price Action: STSS shares were trading higher by 1.64% to $6.800 premarket at last check Thursday.
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Photo by LEE WA DA via Shutterstock
