Sharps Technology and BitGo Announce Collaboration to Advance Solana Treasury Strategy
Rhea-AI Summary
Sharps Technology (NASDAQ: STSS) announced a strategic collaboration with BitGo Bank & Trust to institutionalize STSS’s Solana (SOL) digital asset treasury strategy on February 5, 2026. STSS intends to use BitGo’s OCC‑regulated qualified custody, Solana staking validator services, and OTC trading execution to consolidate custody, staking, and liquidity in a single institutional platform, aiming to secure, scale, and optimize its SOL treasury operations while supporting Solana network growth.
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News Market Reaction
On the day this news was published, STSS declined 15.18%, reflecting a significant negative market reaction. Argus tracked a trough of -7.5% from its starting point during tracking. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $8M from the company's valuation, bringing the market cap to $44M at that time.
Data tracked by StockTitan Argus on the day of publication.
Market Reality Check
Peers on Argus
STSS was down 4% pre-news while close peers showed mixed moves, with some modest gains (e.g., OSUR, NYXH) and others notable declines (e.g., STXS, INFU), indicating a stock-specific setup rather than a coordinated sector move.
Previous Crypto Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 26 | Staking income update | Positive | -1.8% | Reported ~7% gross APY and nearly all SOL staked with no corporate debt. |
| Jan 12 | Solana validator launch | Positive | +7.4% | Launched institutional-grade Solana validator with Coinbase using >2M SOL. |
| Oct 09 | Coinbase treasury expansion | Positive | +0.5% | Expanded Solana treasury via Coinbase Prime custody and OTC desk. |
| Sep 29 | Crypto.com partnership | Positive | +2.7% | Partnered with Crypto.com to manage >2M SOL with institutional custody. |
Crypto-treasury and Solana partnership updates have generally been received positively, but one recent staking-income update saw a mild negative reaction, showing investors do not always reward incremental progress.
Over the past several months, Sharps Technology has repeatedly highlighted its Solana-focused treasury strategy. Crypto-tagged releases on Sep 29, 2025, Oct 9, 2025, Jan 12, 2026, and Jan 26, 2026 detailed acquiring and deploying over 2 million SOL, partnering with Crypto.com and Coinbase, and generating staking income with about 7% gross APY. These updates framed STSS as an early public-company participant in Solana infrastructure. The new BitGo collaboration continues this pattern of institutionalizing custody, staking, and trading workflows around its SOL treasury.
Historical Comparison
Prior crypto-treasury announcements produced an average move of about 2.18%. This BitGo collaboration fits the pattern of STSS deepening ties with major Solana infrastructure partners and institutional custodians.
Crypto-tagged history shows STSS progressing from acquiring >2M SOL and basic institutional custody to operating validators with Coinbase and Crypto.com, and now further institutionalizing Solana treasury management and staking via BitGo.
Regulatory & Risk Context
An effective S-3 shelf filed on Oct 23, 2025 registers resale of shares and warrant shares held by selling stockholders. While the company is not selling shares in this prospectus, it could receive up to $614,837,807.75 in gross proceeds if all registered warrants are exercised, alongside highlighted risks tied to its SOL-focused digital asset treasury and related market and regulatory factors.
Market Pulse Summary
The stock dropped -15.2% in the session following this news. A negative reaction despite another institutional Solana partnership would fit past instances where seemingly constructive treasury updates did not uniformly translate into gains, as seen after the January 26, 2026 staking-income release. The sizeable S-3-registered warrant stack, ongoing insider sales by a large holder, and heavy reliance on SOL valuation and evolving regulation could all contribute to cautious sentiment or profit-taking around new crypto-treasury headlines.
Key Terms
qualified custody financial
staking technical
validator technical
otc trading financial
AI-generated analysis. Not financial advice.
NEW YORK, Feb. 05, 2026 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (“STSS” or the “Company”) (NASDAQ: STSS), a medical device company with a Solana (SOL) digital asset treasury strategy, and BitGo Bank & Trust, National Association (“BitGo”), the digital asset infrastructure company, today announced a strategic collaboration under which STSS will expand and further institutionalize its Solana treasury strategy through BitGo’s services.
As part of this arrangement, STSS intends to utilize BitGo’s institutional-grade qualified custody through its OCC regulated entity, BitGo Bank & Trust, National Association. In addition, STSS intends to leverage BitGo’s Solana staking validator to earn competitive rewards on SOL holdings and BitGo’s OTC trading services. By consolidating custody, staking, and liquidity execution within a single institutional platform, STSS and BitGo are establishing a strategically aligned partnership that provides the operational foundation required to execute a secure, scalable, and optimized treasury strategy.
By deploying SOL through BitGo’s platform to various validators including BitGo’s own, this collaboration reinforces STSS’s pursuit to promote the growth of the Solana network in alignment with major infrastructure providers in the Solana ecosystem.
“BitGo is an ideal partner for STSS as it continues to scale its Solana digital asset treasury strategy with institutional-grade security and operational excellence,” said James Zhang, Strategic Advisor to STSS. “Alongside BitGo’s recent IPO, their collaboration with STSS highlights the increasing convergence of institutional digital asset infrastructure and public market adoption.”
“STSS is taking steps to further institutionalize its Solana treasury strategy, and BitGo is pleased to support that effort,” said Mike Belshe, CEO and Co-Founder of BitGo. “By combining BitGo’s qualified custody with services for validator participation, staking support, and OTC trading execution, this partnership is designed to provide STSS with a centralized operational foundation and secure workflows for managing digital assets.”
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this release other than statements of historical fact are forward-looking statements, including statements regarding the Company’s execution of its Solana digital asset treasury strategy, the anticipated benefits of its collaboration with BitGo, and the potential opportunities such initiatives may create for retail and institutional audiences. Forward-looking statements are based on current expectations, assumptions, and beliefs, and involve risks and uncertainties that could cause actual results to differ materially.
These risks and uncertainties include, among others: the Company’s ability to successfully execute its Solana treasury strategy; volatility in the market price of SOL and other digital assets; changes in the regulatory or legal environment; competitive pressures; and general market, economic, and business conditions. Additional risks are described in the “Risk Factors” section of the Company’s filings with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov.
Forward-looking statements speak only as of the date of this press release. The Company undertakes no obligation to update or revise these statements, whether as a result of new information, future developments, or otherwise, except as required by law.
About Sharps Technology
Sharps Technology is an innovative medical device and pharmaceutical packaging company offering patented, best-in-class, smart-safety syringe products to the healthcare industry. The Company's product lines focus on providing ultra-low waste capabilities that incorporate syringe technologies that use both passive and active safety features.
The Company has adopted a digital asset treasury strategy focused on accumulating SOL, the native digital asset of the Solana blockchain, leveraging capital markets raises to power on-chain yield generation with the Solana Ecosystem.
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About BitGo
BitGo (NYSE: BTGO) is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins, and settlement services from regulated cold storage. Since 2013, BitGo has focused on accelerating the transition of the financial system to a digital asset economy. BitGo maintains a global presence and multiple regulated entities, including BitGo Bank & Trust, National Association, a federally chartered digital asset trust bank. Today, BitGo serves thousands of institutions, including many of the industry's top brands, financial institutions, exchanges, and platforms, and millions of investors worldwide.
FAQ
What did STSS announce about its Solana treasury strategy on February 5, 2026?
How will BitGo custody and services affect STSS (STSS) digital asset security?
Will STSS use BitGo’s Solana staking validator to earn rewards on SOL?
Does the STSS and BitGo collaboration include OTC trading services for SOL?
How does the partnership align with STSS’s broader goals for the Solana network?
