Sharps Technology Unveils $100M Solana Buyback – Are Treasury Firms Turning Sour on SOL?

Sharps Technology, the second-largest corporate holder of Solana with more than $400 million in SOL reserves, has announced a $100 million stock repurchase program.

The buyback will allow the company to purchase its common shares through open market and negotiated transactions, according to a statement released on Wednesday.

The move comes just weeks after Sharps unveiled one of the most ambitious corporate blockchain finance strategies to date.

NEW: Sharps Technology (Nasdaq: STSS), the third-largest Solana treasury holding over $400M in $SOL, has launched a $100M stock repurchase program to buy back its common shares through open market and negotiated transactions. pic.twitter.com/dWBvuAxc75

In August, the firm secured a $400 million private investment in public equity (PIPE) deal, backed by ParaFi, Pantera Capital, and Monarq Asset Management, to establish what it called the world’s largest Solana treasury.

That financing was priced at $6.50 per unit, with stapled warrants exercisable at $9.75, and included pre-funded warrants pending the deal’s closure.

At the time, Sharps also signed a memorandum of understanding with the Solana Foundation to purchase $50 million worth of SOL at a 15% discount to the 30-day average market price.

The agreement showed deep alignment between the company and the foundation in building out Solana as a financial infrastructure layer.

Sharps Technology secures $400M to establish a $SOL treasury, signing LOI with @SolanaFndn to buy $50M SOL at a 15% discount.#solana #soltreasuryhttps://t.co/5RYrNUQ1RL

Sharps executives argued that Solana offers unmatched throughput and low-cost real-time settlement, positioning the blockchain as a backbone for institutional-grade finance.

Alice Zhang, the firm’s chief investment officer, said the Solana bet reflected “accelerating institutional adoption” and described the network as setting “the standard for digital infrastructure.”

Sharps Technology (ticker STSS) has said it holds 2 million SOL, which are currently worth about $448 million.

However, Sharps’ stock has struggled since the fanfare around its Solana move. Shares of STSS closed at $6.67 on Wednesday, down 1.68% in the past 24 hours and nearly 43% lower over the past month.

That downturn contrasts sharply with Solana’s performance, as SOL trades at $228.04, up 3.9% in the past day, 14.4% over the past week, and 55.5% across the past three months.

The buyback announcement suggests Sharps is moving to stabilize its equity performance and reassure investors following the steep decline in its share price.

While the company has tied its long-term strategy to Solana’s growth, the stock repurchase program indicates a parallel effort to reinforce shareholder value amid volatility in both equity and crypto markets.

Last week, fellow Solana treasury, DeFi Development, also said its board of directors approved an increase to the company’s stock repurchase program, bumping it up from $1 million to “up to $100 million.”

DeFi Development (@defidevcorp) expanded its stock buyback program to $100M, holding over 2M $SOL tokens.#DeFi #Solana https://t.co/G6CGnoAK7p

An initial $10 million threshold requires additional board notification before further purchases. The company said buybacks will be determined by market conditions and regulatory factors, with shares either retired or held as treasury stock.

The decision comes as Solana enters Q4 with momentum. In September, SOL outperformed Ethereum on a 30-day basis, climbing 26% compared with ETH’s 8%. Analysts say the upcoming quarter could determine whether Solana sustains its lead.

Dana Love, president of PoobahAI, expects Solana to continue outpacing Ethereum, citing upgrades such as Firedancer, Alpenglow, and state compression. He added that an October 10 U.S. SEC decision on a potential Solana ETF could trigger a “giga rally.”

Ethereum, meanwhile, remains anchored by institutional adoption and its role as the backbone for stablecoins. David Dobrovitsky, CEO of Wowduck, described the contrast: “ETH leans on institutional stability, while SOL offers high-throughput growth with higher volatility.”

Bitcoin also factors into the outlook. After a September correction, BTC recovered above $117,000 by early October. Analysts warn of continued volatility, but some see room for modest gains heading into the Federal Reserve’s late-October meeting.

Solana’s price has already gained 9% in October, reaching $227.50. Technical charts show a rising wedge pattern that could indicate either a breakout toward $300 or a 30% downside risk if the formation reverses.

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