The partnership with Coinbase Prime provides secure custody, deep liquidity, and regulated OTC trading infrastructure, enabling Sharps to manage its large-scale holdings efficiently and transparently.
Sharps Technology has moved its $435 million Solana (SOL) treasury to Coinbase as part of a new strategic collaboration with the U.S.-based crypto exchange.
The move marks one of the largest corporate digital asset migrations to date and reinforces Sharps' growing commitment to blockchain-based finance.
Sharps Technology Selects Coinbase to Safeguard Its Treasury
The company said it has so far accumulated more than 2 million SOL tokens, valued at over $400 million, with SOL trading above $210.
The transfer to Coinbase is intended to strengthen Sharps' Solana treasury management and provide institutional-grade security through Coinbase Prime's custody and over-the-counter (OTC) trading products.
"Coinbase is an ideal platform for STSS as it seeks to leverage its digital asset treasury strategy to help advance decentralized finance," said James Zhang, strategic advisor to Sharps Technology.
He added that Coinbase's infrastructure offers the liquidity and pricing efficiency needed to manage one of the largest Solana treasuries in the market.
The partnership comes just months after Sharps Technology announced one of the most aggressive blockchain treasury strategies among public companies.
In August, the firm closed a $400 million private investment in public equity (PIPE) deal with backing from ParaFi Capital, Pantera Capital, and Monarq Asset Management. The financing, priced at $6.50 per unit with stapled warrants exercisable at $9.75, was designed to build what the company called the world's largest Solana treasury.
As part of that plan, Sharps also signed a memorandum of understanding with the Solana Foundation to acquire $50 million worth of SOL at a 15% discount to its 30-day average price.
The agreement, according to the company, reflects a shared goal of expanding Solana's role as a global financial infrastructure layer capable of handling institutional-scale settlement and liquidity.
In October, Sharps followed up with a $100 million stock repurchase program, authorizing the buyback of common shares through both open market and privately negotiated transactions.
The company said the repurchase plan would allow it to manage shareholder value while maintaining a strong balance sheet alongside its blockchain treasury holdings. The decision to entrust its Solana reserves to Coinbase shows Sharps' focus on regulatory compliance and asset protection.
Coinbase Prime, which caters to institutional investors, provides insured custody and integrated trading services for corporate clients, a key consideration for firms managing large crypto treasuries.