Helius Acquires $167M in Solana as Part of Corporate Treasury Transition
Helius Medical Technologies has entered an elite group. Its acquisition of 760,190 SOL, valued at $167 million, positions the Pantera-backed firm as one of the largest public holders of this asset, indicating a bold shift in its treasury strategy.
Summary
- Helius Medical has purchased 760,190 SOL worth $167 million, establishing itself as a significant public holder of the token.
- This acquisition follows a $500 million fundraising round led by Pantera and Summer Capital, with intentions to expand holdings and investigate staking opportunities.
As indicated in a press release from September 22, the neurotech firm has launched its digital asset treasury strategy by acquiring over 760,190 Solana (SOL) at an average price of $231 per token.
This strategic move, led by Pantera Capital’s Cosmo Jiang, who serves as a board observer, reallocates a substantial part of the funds from a recent $500 million capital raise. Importantly, Helius maintains a healthy reserve of over $335 million in cash, likely set aside for additional SOL acquisitions.
“We are thrilled to initiate our SOL accumulation strategy in a cost-effective manner. Our initial acquisitions at a lower cost basis than current market prices, while predominantly preserving our capital for strategic purchases, demonstrate the team’s commitment to maximizing shareholder value through market insight and prudent capital management,” Jiang stated.
Transitioning from neurotech to Solana treasury entity
Earlier this month, Helius first introduced its digital asset treasury strategy following a $500 million raise led by Pantera Capital and Summer Capital. This fundraising event preceded a 250% increase in HSDT shares on September 12, indicating investor confidence in the company’s shift.
The announcement on September 22 reinforces that Solana will serve as the cornerstone of Helius’s treasury strategy, with plans to grow the position over the next 12 to 24 months while exploring staking and DeFi opportunities under a prudently conservative risk management framework.
Helius now holds a significant spot within a rapidly evolving group of public companies investing in Solana. According to CoinGecko, nine companies collectively hold 13.4 million SOL, valued at around $2.95 billion.
Though Helius’s $167 million investment is notable, it still positions the company behind the leader, Forward Industries, which holds 6.8 million SOL. Other substantial holders include DeFi Development Corp. (2.09 million SOL), Upexi (2.01 million SOL), and Sharps Technology (2 million SOL), underscoring a clear trend of corporate investment in the Solana network.
Following the announcement on September 22, Helius (HSDT) saw its shares drop by 18%.