The stock price of SOL treasury company Sharps Technology fell to an all-time low after the first submission of its quarterly financial report.

On November 18, Sharps Technology released its quarterly financial report for the first time after adopting a Solana-centered digital asset reserve strategy. Data shows that its core medical device business revenues are minimal, while the company holds nearly 2 million SOL tokens. The Nasdaq-listed company disclosed in regulatory filings that as of September 30, its digital asset portfolio had a fair value of $404 million, but this figure reflects the price level at the end of the quarter. However, based on the current SOL price of approximately $138, the company's holdings valuation has significantly shrunk to $275 million. Additionally, the company's quarterly product revenue was only $83,622, while product costs exceeded $1.2 million, leading to severe losses in its manufacturing business. Selling and administrative expenses surged to $110.7 million, pushing quarterly net losses close to $103 million. Driven by cryptocurrency holdings, total assets skyrocketed from $7.3 million at the end of last year to $444 million. The financial report also revealed that the company recognized $15.5 million in unrealized gains from digital assets during the period and listed $7.6 million in margin loans along with various warrant liabilities related to financing in August. At the end of August, Sharps announced the launch of its Solana asset reserve strategy through over $400 million in private sale financing, supported by institutions such as ParaFi Capital and Pantera Capital. At the beginning of October, it proposed a $100 million stock buyback plan, but the latest filings did not disclose the progress of that plan. Market reactions have remained sluggish. The company's stock price fell to a historic low this week, having declined for several months since reaching a high of $16 at the end of August. According to Google Finance data, the stock price was below $2.90 on Monday morning, with market capitalization significantly below the current implied value of its Solana holdings.