New board roles include Joseph Chee, Cosmo Jiang, and Dan Morehead
Helius Medical Technologies plans to raise up to $1.25 billion to create a Solana-focused digital asset treasury, with Pantera and Summer Capital leading the deal. The structure includes $500 million in available capital and $750 million in warrants for future purchases. FalconX, Animoca Brands, and Nomura’s Laser Digital also joined the round. Joseph Chee of Summer Capital will chair the board, while Cosmo Jiang of Pantera will serve as director and Pantera founder Dan Morehead will advise. The move follows a growing trend of public companies adding crypto to balance sheets, a strategy first popularized by Strategy in 2020.
Helius Medical Technologies, a neurotechnology firm, set out a clear two-step funding design to hold Solana on its balance sheet, and Pantera and Summer Capital took the lead in the round that targets $1.25 billion in total firepower. Pantera, which manages more than $5 billion in assets, adds deep market access, while Summer Capital brings an Asia hub in Hong Kong that can help with broader liquidity and distribution. FalconX, Animoca Brands, and Laser Digital, Nomura’s crypto arm, also joined the deal, which signals a wider base of trading and venture links around the planned Solana accumulation. The stated goal is a purpose-built digital asset treasury that tracks Solana with speed and discipline rather than a loose, opportunistic stash.
Governance sits at the center of the plan. Joseph Chee, founder and chairman of Summer Capital, will serve as chairman of the Helius Medical Technologies board, giving the vehicle a clear chair with capital markets experience. Cosmo Jiang, a general partner at Pantera, will hold a board seat and Dan Morehead, Pantera’s founder and CEO, will advise the board. The structure keeps decision lines short so the treasury can deploy the initial $500 million rapidly and then exercise up to $750 million in warrants when market conditions or liquidity windows align. Jiang has stated that the team wants to be the leading Solana digital asset treasury, and the stepwise funding approach matches that aim by pairing scale with execution speed.
The model takes cues from Strategy, the company formerly known as MicroStrategy, which in 2020 under Michael Saylor began adding Bitcoin to corporate reserves and became a stock proxy for the asset’s price. That path showed how a listed equity can reflect a crypto balance sheet, sometimes with a stronger move than the underlying coin. Since January and through early September, 209 firms have disclosed plans to raise more than $145 billion for crypto treasury strategies, according to Architect Partners, which tracks crypto M&A and financing. This rush confirms that listed micro-caps and mid-caps now view direct token exposure as a capital markets tool, not only a treasury hedge. Pantera and Summer Capital are steering their vehicle toward Solana rather than Bitcoin, a choice that sets a narrower but potentially faster-moving target, with governance and warrants designed to add velocity without overcommitting on day one.
The field has grown crowded. Upexi emerged early with a digital asset treasury angle, and a new vehicle chaired by Multicoin Capital managing partner Kyle Samani raised $1.65 billion last week, which tops the headline capacity of the Helius structure. That size gap raises a question about depth versus pace. The Helius plan favors a “moderate size” start, as Jiang put it, so the company can scale percentage growth quickly and avoid the drag of an oversized base. Liquidity, compliance, and board control matter more than headlines here, since the asset focus is Solana rather than a mixed basket. The presence of FalconX connects execution, Animoca Brands links to a broad web3 network, and Laser Digital ties into a major Japanese bank’s crypto unit, which together can tighten spreads and improve access. If the warrants get exercised, the $500 million followed by $750 million sequence gives a one-two funding path that can meet market windows without a full re-raise.
Pantera and Summer Capital anchor a Solana digital asset treasury that starts with $500 million and extends to $1.25 billion via warrants, adds a board led by Joseph Chee with Cosmo Jiang and Dan Morehead involved, and follows a playbook proven by Strategy while competing in a market where 209 firms seek over $145 billion for crypto treasury plans and at least one rival raised $1.65 billion last week.
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