Sharps Technology to pursue a $100 million share buyback

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Summary

Sharps Technology announced a share repurchase program of up to $100 million.
Sharps currently holds about 2 million SOL, which is about $448 million.
The company's stock price has fallen from $16 at the end of August to $6.52 now, and the share repurchase could aim to boost the stock price.

Solana (SOL)-based digital asset treasury company (DAT) Sharps Technology announced a share repurchase program of up to $100 million.

On the 2nd (local time), The Block reported that Sharps said in a statement, "Through this stock repurchase program, we will be able to repurchase shares through the open market and individual negotiations." When management deems its holdings undervalued, share repurchases are commonly used as a means to try to boost the stock price.

Sharps Technology is a Nasdaq-listed small medical device company, and last August conducted a $400 million private investment (PIPE) aiming to be the "world's largest Solana digital asset treasury company." At the time, ParaFi Capital (ParaFi Capital), Pantera Capital (Pantera Capital), and others participated.

The company currently holds about 2 million SOL, which is about $448 million. However, the stock price, which surged to $16 at the end of August, has since declined and is currently trading around $6.52.

Meanwhile, Solana treasury firm DeFi Development (DeFi Development) also recently announced it is expanding its share repurchase program from $1 million to $100 million.

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