- Helius Medical Technologies purchased 760,190 SOL as part of its first Solana acquisition.
- The company’s Solana holdings are valued at about $168 million.
- Shares of Helius Medical Technologies fell over 16% on Monday following the announcement.
- The company retains an additional $335 million in cash to support further cryptocurrency acquisitions.
- The price of Solana dropped to $221.19, falling below the firm’s average purchase price.
Helius Medical Technologies, a medical device and neurotechnology company, acquired 760,190 SOL as its first purchase for a Solana-based treasury. The transaction took place Monday, and the company’s shares declined by more than 16% following the news.
The firm bought SOL at an average price of $231 per token, bringing its total Solana holdings to about $168 million. Helius continues to maintain roughly $335 million in cash, which the company says will be used for additional treasury expansions.
“It has been gratifying to receive shows of support from multiple stakeholders across the Solana ecosystem, including staking providers, DeFi protocols and others,” said Helius Executive Chairman Joseph Chee. “We take our responsibility to maximize shareholder value seriously and are eager to execute against our plan.” Cosmo Jiang, a general partner at Pantera Capital and a board observer at Helius, called the move efficient, stating: “The initial accumulation at a lower cost basis than recent market prices, while still retaining the large majority of its capital raised for more opportunistic purchases, showcases how laser-focused the team is on maximizing shareholder value by having market awareness and being responsible stewards of capital.”
The Solana purchase is part of a strategy Helius first announced last week, after raising $500 million through a private placement in public equity (PIPE) led by Pantera Capital and Summer Capital. The company’s shares initially spiked 141% to $18.27 at the time of the announcement, climbing further to close at $24.29 last Friday, before dropping back to $20.19 on Monday.
Solana’s price stayed above Helius’ average purchase cost all last week but fell below $231 on Monday, down 6.9% in 24 hours and currently trading at $221.19. The drop also shifted predictions on the Myriad Markets’ Solana all-time high market, which now gives a 50% chance of a new record high for Solana before the end of 2025, down 13.6% in the last day as the token fell.
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