Helius Closes $500 Million Private Placement to Launch Solana Treasury Company

Helius Medical Technologies, Inc., listed on Nasdaq under the ticker HSDT, has completed a previously announced $500 million private placement to launch a Solana-focused treasury company. 

The transaction, which includes common stock and stapled warrants, positions the company to potentially raise more than $1.25 billion if all warrants are exercised. The private placement was co-led by Pantera Capital and Summer Capital. The move underscores Solana’s growing prominence in institutional finance and places Helius among the largest Solana treasuries to date.

The offering was priced at $6.881 per share, with stapled warrants exercisable at $10.134 for a period of three years. The financing drew broad participation from both traditional finance and crypto investors.

Treasury Strategy and Market Position

Helius will direct the proceeds into building a Solana treasury, with $SOL serving as its core reserve asset. The company views Solana’s ~7% native staking yield as a distinct advantage compared to non-yield-bearing assets such as Bitcoin. Beyond staking, the firm expects to evaluate opportunities in decentralized finance and broader onchain activity to generate incremental revenue while maintaining a conservative risk profile.

Helius highlighted Solana’s growth trajectory, describing the network as “the most widely adopted” and noting its average of 3.7 million daily active wallets and over 23 billion transactions recorded this year. According to Solana Beach data, Solana's throughput exceeds 3,000 transactions per second, making it one of the industry’s highest-performing networks in both activity and adoption.

Leadership and Governance Updates

Alongside the financing, Helius announced key leadership changes. Joseph Chee, Founder and Chairman of Summer Capital and former Head of Investment Banking for Asia at UBS, has been appointed as Executive Chairman and Director. Cosmo Jiang, General Partner at Pantera Capital, will serve as a board observer, while Pantera Founder Dan Morehead will act as Strategic Advisor.

"We're offering investors public-market exposure to Solana, which we view as the most commercially viable blockchain today. Its adoption journey is still in its early stages. Pantera pioneered the crypto fund industry in the U.S. by launching the first bitcoin fund in 2013, which has since delivered 1,500x returns. But at $2.3 trillion, Bitcoin's scale is significant. Solana, with a market cap just 6% of Bitcoin's, offers compelling potential for asymmetric growth." - Dan Morehead, Founder and Managing Partner of Pantera Capital.

Speaking to The Rollup, Paul Veradittakit, Managing Partner of Pantera Capital, and Cosmo Jiang, General Partner, explained why Solana was Pantera’s choice for the DAT.

Institutional Roadmap

Helius outlined a roadmap that includes scaling its $SOL holdings over the next 12 to 24 months, using established capital markets tools such as ATM programs. The firm plans to prioritize transparency, governance, and active engagement with the Solana community. Updates on treasury acquisitions, shareholder approvals, and broader strategy execution are expected in the coming weeks.

The company’s common stock will continue to trade under the Nasdaq ticker HSDT, with the updated treasury strategy effective immediately. Helius also appointed Clear Street as its exclusive financial advisor and lead placement agent.

Another Day, Another DAT

Helius’ announcement follows a wave of capital raising efforts dedicated to building Solana treasuries. Solmate, a newly launched digital asset treasury in the UAE, secured $300 million in commitments led by ARK Invest. 

In addition to a $4 billion equity raise, Forward Industries closed a $1.65 billion private placement to pursue a similar strategy and has utilised most of those funds in the acquisition of $SOL tokens. 

Sharps Technology also entered the space with a $400 million raise, planning to scale holdings to $1 billion. Together, these moves highlight growing institutional conviction in Solana as a financial asset.

Market Reaction

Shares of Helius have surged nearly 200% over the past five days following news of its Solana-focused treasury strategy. This reflects both market enthusiasm for the company’s new direction and broader investor appetite for Solana exposure in public markets.

Helius’ private placement and treasury strategy means we should expect significant acquisitions of $SOL tokens soon. With Solana Spot ETF approvals imminent and Solana recently hitting an all-time high market cap, can market participants anticipate even more positive developments in the Solana ecosystem?

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