On Sept. 15, Helius Medical Technologies announced it had priced an oversubscribed $500 million private equity raise, with proceeds dedicated to establishing a long-term Solana-denominated treasury.
As part of the PIPE deal, investors secured common stock at $6.88 per share, bundled with warrants exercisable at $10.13 over a three-year term. The agreement also provides up to $750 million in additional warrants, which, if fully exercised, could lift total capital inflows beyond $1.2 billion.
The round was co-led by U.S.-based Pantera Capital and Hong Kong’s Summer Capital, with closing expected on Thursday. Other backers include Big Brain Holdings, Avenir, FalconX, Arrington Capital, Animoca Brands, HashKey Capital, and several prominent digital asset investors.
“Solana is a category-defining blockchain and the backbone for a new financial system,” said Dan Morehead, Pantera Capital’s Founder and Managing Partner, in a statement.
Dan Morehead believes the new treasury initiative will “significantly expand institutional and retail access to the Solana ecosystem and accelerate its global adoption.”
Positioned by Morehead as “the industry’s fastest, most affordable, and most accessible network,” Solana has increasingly become a favored alternative to Bitcoin and Ethereum for corporate treasuries. Growing institutional interest has fueled SOL’s rally, with the token climbing roughly 80% over the past year as of press time.
Solana Treasury Strategy
In line with other public companies adopting crypto treasury models, Helius aims to boost shareholder value by leveraging Solana’s staking and lending opportunities. Unlike Bitcoin, which the company described as “non-yield-bearing,” Solana offers a native staking yield of around 7%. Still, BTC continues to dominate as the preferred corporate treasury asset, with more than 190 publicly traded firms currently holding it on their balance sheets.
Over the next 12 to 24 months, Helius plans to gradually expand its SOL reserves through capital markets programs while maintaining a cautious risk approach within the ecosystem.
Summer Capital chairman Joseph Chee, who previously headed Investment Banking across Asia at UBS, said the treasury’s core objective is to maximize “SOL per share.” Once the offering closes, Chee will lead the company as executive chairman and director.
Helius shareholders have embraced the strategy, sending the company’s stock up more than 140% following the announcement.
Growing SOL Treasury Competition
Helius joins a small but growing group of eight publicly listed firms building Solana treasuries in recent months. According to CoinGecko data, DeFi Development Corp. — formerly Janover Inc., a real estate marketplace turned Solana treasury company earlier this year — currently leads the pack with over 2.02 million SOL.
Close behind are Upexi Inc., a Tampa-based Solana treasury firm, and Sharps Technology, a medical device and pharmaceutical packaging company, both of which now hold more than 2 million SOL in reserves.
