Sharps Technology Partners With Coinbase To Manage Solana Holdings Worth $447 Million

Sharps Technology (STSS) announced on Thursday that it has partnered with Coinbase to help manage its growing Solana (SOL) holdings, which now total over two million tokens.

Solana’s price gained 1.2% in the last 24 hours, trading at around $223 – the only cryptocurrency among the top 10 by market capitalization in the green during early morning trade. At Solana’s current price, Sharp’s holdings are worth around $447 million. On Stocktwits, however, retail sentiment around the altcoin edged lower into ‘neutral’ from ‘bullish’ territory over the past day.

Through the partnership, Sharps will use Coinbase Prime for secure custody and over-the-counter (OTC) trading of its Solana assets.

Despite the announcement, STSS’s stock was down 3.4% in the pre-market trade. Retail sentiment also dived to ‘bearish’ from ‘extremely bullish’ the previous day on Stocktwits. Chatter dipped to ‘extremely low’ from ‘high’ levels.

COIN’s stock was also in the red, edging lower by 0.73% in pre-market trade. Retail sentiment around the shares remained in ‘bullish’ territory, but chatter fell to ‘normal’ from ‘high’ levels over the past day. 

Sharps first revealed its pivot to a Solana-focused treasury strategy in August through a $400 million private placement, aiming to build the largest Solana digital asset treasury (DAT) without disclosing a specific target of the total circulating supply. This move was later followed by a collaboration with Crypto.com in late September, announcing a similar partnership as with Coinbase for custody infrastructure and OTC desk. 

Platform data shows that retail chatter around Sharps’ stock has increased 33.3% over the past month and 150% over the last three months.

Read also: Bitcoin, Ethereum, And Other Major Cryptocurrencies Dip Ahead Of Powell’s Speech Amid Rising Dollar

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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