Sharps Technology, traditionally a medical device & pharmaceutical packaging firm, is now pushing forward with a digital asset treasury model centered around Solana (SOL). As part of this strategy, it conducted a PIPE transaction led by Cantor Fitzgerald & Co., acquiring more than 2 million SOL tokens—valued at around $400 million.

The partnership with Pudgy Penguins brings a Web3 cultural brand into the financial structure. Pudgy Penguins is known for strong brand recognition, with over 220 billion content views and collaborations with major companies like NASCAR, Walmart, and Lotte.

Through this collaboration, Pudgy Penguins’ intellectual property (IP) will be integrated with Sharps’ institutional-grade Solana treasury. The aim is to create new opportunities for both retail and institutional audiences to engage with the SOL ecosystem—combining culture, brand appeal, and financial infrastructure.

Sharps also secured a private placement raising over $400 million, with possibility of raising up to $1 billion if warrants are exercised. Some of the proceeds will be used to buy SOL (including a deal with the Solana Foundation to get $50 million of SOL at a discount).