Nasdaq-listed firm Sharps Technology (STSS) rallied as much as 70% on Monday on raising $400 million to establish what it says could become the largest corporate digital asset treasury of Solana (SOL).

The firm’s fundraising drew backing from some of the most active investors in digital assets, including ParaFi, Pantera, FalconX, CoinFund and Arrington Capital. Under the deal, shares were sold at $6.50 per unit with attached warrants exercisable at $9.75. Closing is expected by August 28.

The stock briefly topped $13 in the morning U.S. hours before paring gains, up 53% from $7.3 at Friday’s close.

The company plans to allocate the funds primarily toward acquiring SOL, the native token of the Solana blockchain. Alice Zhang, co-founder of Solana-backed project Jambo, also joined the firm as chief investment officer and board member.

The Solana Foundation, the non-profit development organization focusing on the Solana network, has committed to selling $50 million in SOL tokens at a 15% discount to a 30-day time-weighted average price, subject to conditions, according to the press release.

Sharps is the latest public firm pivoting to accumulate cryptocurrencies, a recent trend that has captivated stock markets. These firms, often dubbed digital asset treasuries (DATs), raise money on capital markets to buy cryptos, aiming to replicate the success of Michael Saylor’s Strategy (MSTR). Strategy has become the largest corporate owner of bitcoin (BTC) with a stash worth north of $70 billion.

The fever has already extended to Solana, with SOL Strategies (HODL), DeFi Development (DFDV) and Upexi (UPXI) being among listed firms stacking SOL.

DATs a as a proxy play on crypto prices and most of them trade at a premium relative to the underlying holdings. However, they could come under pressure during market downturns when the premium contracts, capping their ability to raise funds to fuel purchases.

Read more: Corporate Bitcoin Treasuries Could Raise Credit Risks, Morningstar DBRS Says

Upcoming $1B SOL Treasury, DFDV to Sell Equity

Sharps’ move was not the only Solana treasury-related news on Monday.

Prominent crypto firms Galaxy Digital, Multicoin Capital and Jump Crypto are reportedly seeking to raise $1 billion to build a treasury focused on SOL. They plan to buy out a listed firm and hired Cantor Fitzgerald as the lead banker.

Meanwhile, DeFi Development (DFDV), led by former executives of Kraken, announced on Monday to raise $125 million by selling equity, seeking to increase its SOL holdings.

The stock tumbled 19% on the news.

Read more: BNB-Focused Treasury Firm B Strategy Looks to Raise $1B With Backing From CZ’s YZi Labs