Shares in medical device and neurotech company Helius Medical Technologies dropped 16% on Monday amid news that the firm made its first Solana treasury acquisition.
Helius added 760,190 SOL at an average purchase price of $231, valuing its treasury at around $168 million. It still maintains around $335 million in cash which will help propel further additions to its Solana treasury.
“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, in a statement. “We take our responsibility to maximize shareholder value seriously and are eager to execute against our plan.”
The firm first announced its intentions to build a Solana treasury last week, raising $500 million via an oversubscribed private placement in public equity (PIPE) led by Pantera Capital and Summer Capital to kick off its treasury operations.
The news sent shares of HSDT up 141% to $18.27 in the process last Monday. It climbed further still throughout the week, closing trading on Friday at $24.29.
With its strategy officially underway though, shares have fallen to $20.19 as of this writing. Even so, it’s still up about 218% over the last month.
“We are excited to embark on our SOL accumulation plan in an efficient manner,” Cosmo Jiang, a general partner at Pantera Capital and a board observer at Helius, said in a statement.
“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,” he added.
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Solana traded above the firm’s average purchase price of $231 all last week, but slipped below the mark on Monday. SOL is down around 6.9% in the last 24 hours and now down 5% on the week, changing hands at $221.19.
