What happened?
Sharps Technology has chosen Coinbase as its custodian and already bought about 2 million SOL, worth roughly $440 million. They plan to keep accumulating Solana and will stake through Coinbase to earn the current ~6.8% rewards, which could produce around $30 million a year. This move signals a serious, long-term institutional bet on Solana.
Who does this affect?
This affects institutional investors and funds who are watching custody and staking options, as well as retail traders who follow large holders. Coinbase benefits directly as the chosen custodian and staking provider, while Solana validators and the staking ecosystem see more demand. The broader Solana community and projects could gain credibility and more capital as big players increase exposure.
Why does this matter?
Large institutional buys and staking reduce available supply and add steady buy-side pressure, supporting bullish price targets like $270–$300 and potentially much higher over time. Having Coinbase provide institutional-grade custody lowers barriers for other Wall Street entrants, which can increase liquidity and sustained inflows. Together, treasury accumulation plus staking yield can change market dynamics by amplifying demand and attracting more institutions, which could push Solana prices up while making the market more dependent on institutional flows.