Sharps Technology, one of Solana’s leading financial companies, announced that it will repurchase its common stock for $100 million. The deal would boost Sharp Technology’s stock through a combination of open market and negotiated purchases.
Solana financial giant Sharps Technology announced plans to reinvest $100 million to buy back its own stock. Stock buybacks include open market and negotiated buybacks. As other DAT stocks fell, Sharps Technology began buying back its own shares. Lose Between 40% and 85% of the peak valuation.
To date, Sharps Technology has 2.14 million SOL becomes Solana’s second largest DAT company. Following the share buyback announcement, SSTS stock traded at $6.78, near its lowest point in the past six months.
Sharps Technology’s vault has been accumulating $400 million in investments over a little over a month. This treasury was launched on September 2 and briefly stood out as the largest SOL reserve. Shortly after, Forward Technologies took the lead on SOL with over 6.8 million.
Over time, Solana companies acquired 17.8 million SOL, of which 11.58 million were in shares, with 2 million added in the past few weeks. Solana Treasury is the first company to attempt large-scale staking, including liquid staking.
Sharps Technology maintains its pharmaceutical business after reaching the profit stage in August.
Sharp technology holds SOL’s entire finances
The share buyback will not affect SOL’s reserves, and Sharps Technology does not plan to use any financial operations to raise funds.
DAT companies rely on stock buybacks to improve the reputation of their stock. Volatility in cryptocurrencies often means that treasury companies record significant market price losses after the initial stages of enthusiasm.
Recently, another well-known financial company, DeFi Dev Corp. Stock buyback program.
Treasury companies rely on strong holder mentality and have so far avoided the contagion and have not sold any cryptocurrencies in the treasury. However, not all treasuries are open to the public, and there are concerns that some companies may sell their cryptocurrencies and begin stock buybacks.
SOL recovers above $225
After the recent market downturn, SOL has recovered above $225. The DAT companies’ influence on Solana is limited so far, as the Solana chain benefits from other stories. SOL still wiped out the profits Forward Industries made while it was piling into the Treasury, and $1.5 billion was funneled into the market.
Solana is powered by the growing DeFi sector and stablecoin liquidity, enabling passive income and reward generation. DAT companies are a way for crypto outsiders to take advantage of some of these rewards without direct involvement, as the Treasury stakes the rewards.
Solana expanded its stablecoin market cap to $14.38 billion, with USDC becoming the most actively minted token. As a result, DEX trading, lending, and other DeFi apps continue to lead in revenue generation and daily activities.
