- Helius Medical Technologies secured $500 million to build a Solana cryptocurrency treasury.
- The company’s stock price jumped over 141% following the announcement.
- Venture firms, including Pantera Capital and Summer Capital, led the funding round.
- Multiple publicly traded companies are adding significant amounts of Solana (SOL) to their treasuries.
- Helius Medical Technologies has no connection to the Solana developer platform Helius.
Helius Medical Technologies, a publicly traded medical device manufacturer, announced on Monday that it has raised $500 million through a private placement in public equity to build a Solana (SOL) treasury. The company made the move amid a growing trend of Nasdaq-listed firms investing in large reserves of Solana.
Firms such as Pantera Capital and Summer Capital led the investment, joined by others like Big Brain Holdings, Avenir, FalconX, Arrington Capital, Animoca Brands, and HashKey Capital. The private placement is scheduled to close around Thursday, according to the company’s announcement. Following the news, Helius shares closed at $18.27, gaining 141% in Monday trading.
“We believe that Solana is a category-defining blockchain and the foundation on which a new financial system will be built,” said Dan Morehead, founder and managing partner of Pantera Capital. A prediction market on Myriad showed that 90% of investors expect SOL to rise to $250 before it falls to $130. Solana’s price recently reached $233, up nearly 60% over the past three months.
The funding round was oversubscribed, with participants buying common stock or pre-funded warrants for $6.81 each, plus stapled warrants exercisable at $10.13 for three years. Stapled warrants are tied to another security and cannot be traded separately, a tactic companies use to attract investment.
After the announcement, confusion surfaced due to the similar name of the Solana-focused developer platform, Helius. “I’m not involved with this at all,” stated Mert Mumtaz, CEO of Helius Labs, on Twitter. He clarified that neither his company nor related firms have any involvement with the treasury plan.
Other firms have also increased their Solana reserves recently. Forward Industries became the largest publicly traded Solana holder after acquiring nearly $1.6 billion in SOL. SOL Strategies, now trading on Nasdaq, maintains a $100 million SOL treasury, with much more delegated to its network validators according to its business update. Sharps Technology announced a $400 million Solana treasury, while DeFi Development Corp raised its holdings above 2 million SOL. Upexi also reported more than 2 million SOL after multiple purchases, and edtech company Classover began with 6,500 SOL as part of a $500 million acquisition and staking plan.
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