Sharps Technology stock sinks to record low after debut Solana-treasury quarterly filing

Sharps Technology (ticker STSS) reported its first quarterly results since adopting a Solana-focused digital-asset-treasury strategy in August, while the company’s core medical device business generated minimal revenue.

Nasdaq-listed Sharps reports holding just under 2 million SOL. While the filing pegs the fair value of its digital-asset portfolio at $404 million as of Sept. 30, that figure reflects prices at the end of the quarter. At Solana’s current price of roughly $138, the company’s stockpile is valued at a substantially lower $275 million, according to The Block's price page.

Product revenue for the quarter totaled just $83,622, while the cost of goods manufactured exceeded $1.2 million, leaving the manufacturing segment deeply unprofitable. Selling, general, and administrative expenses jumped to $110.7 million, contributing to a quarterly net loss of nearly $103 million.

Total assets rose to $444 million from $7.3 million at the end of last year, driven almost entirely by the company’s crypto holdings.

Sharps booked a $15.5 million unrealized gain on digital assets during the period, while also listing a $7.6 million margin loan and several warrant-related liabilities stemming from its August financing.

Sharps’ Solana treasury strategy was announced in late August through a more than $400 million private placement backed by investors including ParaFi Capital and Pantera Capital. The company later floated a $100 million share-repurchase plan in early October, though the latest filing did not provide an update on the initiative.

The market reaction has remained negative. Sharps shares fell to a record low this week, extending a months-long slide after spiking near $16 in late August.

The stock traded below $2.90 on Monday morning, according to Google Finance, giving the company a market capitalization well below the current implied value of its Solana treasury.