Helius Medical Technologies, Inc. HSDT rallied in Monday’s after-hours trading after announcing a Solana SOL/USD purchase worth $175 million.
Helius Medical Kickstarts SOL Treasury Play
The stock popped over 8% in after-hours, reversing its losses during the regular trading session.
Helius Medical set its digital asset treasury strategy into motion, purchasing 760,000 SOL at an average price of $231, totaling $175.60 million.
The neurotech company said it holds in excess of $335 million of cash, which it plans to allocate toward future purchases.
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Wall Street Is Piling On Solana
The acquisition comes a week after digital asset manager Pantera Capital and venture capital firm Summer Capital announced over $500 million in funding to Helium Medical through a private investment in public equity offering.
The action comes amid an intensifying competition among Wall Street-listed firms to add SOL, a $117-billion market cap cryptocurrency, to their reserves.
Forward Industries Inc. FORD and DeFi Development Corp. DFDV are currently the market leaders, with a stash totaling $1.46 billion and $451.39 million, respectively, according to CoinGecko.
Price Action: At the time of writing, SOL was exchanging hands at $215.95, down 6.85% in the last 24 hours, according to data from Benzinga Pro.
Helius Medical shares popped 8.55% in after-hours trading after closing 33.61% lower at $16.02 during Monday’s regular trading session. The stock has soared 157% over the last month.
As of this writing, the stock exhibited a very low growth score — a measure of the stock’s combined historical expansion in earnings and revenue across multiple periods. How does it compare with Strategy Inc. MSTR, the pioneer of cryptocurrency treasury play? Visit Benzinga Edge Stock Rankings to find out.
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Photo: Image: Shutterstock/ Who is Danny
$SOLSolana – United States dollar$217.71-1.30%OverviewDFDVDeFi Development Corp$15.70-7.27%FORDForward Industries Inc$27.95-8.21%HSDTHelius Medical Technologies Inc$17.40-27.9%MSTRStrategy Inc$336.58-2.37%Market News and Data brought to you by Benzinga APIs
