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SOL Treasuries Company Sharps Technology Stock Price Hits All-Time Low After First Quarterly Financial Report Filing
BlockBeats News, November 18th, Sharps Technology released its quarterly financial report for the first time after adopting a Solana-centric digital asset reserve strategy. The data shows that its core medical device business revenue is minimal, while the company holds close to 2 million SOL tokens. The Nasdaq-listed company disclosed in regulatory filings that, as of September 30th, the fair value of its digital asset portfolio was $404 million, but this data reflects the end-of-quarter price level. However, based on the current price of SOL at around $138, the company's holdings are now significantly devalued to $275 million.
Furthermore, the company's quarterly product revenue was only $83,622, while product costs exceeded $1.2 million, leading to a significant loss in the manufacturing business. Sales and administrative expenses surged to $110.7 million, driving the quarterly net loss to nearly $103 million. Fueled by the cryptocurrency holdings, total assets surged from $7.3 million at the end of last year to $444 million. The financial report also shows that the company recognized a $15.5 million unrealized gain on digital assets during the period and listed $7.6 million in margin loans and various warrant liabilities related to August financing.
In late August, Sharps announced the initiation of a Solana asset reserve strategy through over $400 million in private placement financing, supported by institutions such as ParaFi Capital and Pantera Capital. In early October, it proposed a $100 million stock repurchase plan, but the latest filings did not disclose the progress of this plan. Market response remains consistently poor. The company's stock price hit a historic low this week, declining for several consecutive months since reaching a high of $16 at the end of August. According to Google Finance data, the stock price had fallen below $2.90 on Monday morning, with a market value significantly lower than the current implied value of its Solana holdings.
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