Solana DAT SZN: Helius Medical Technologies Raises $500 Million for Solana Treasury Initiative

Helius Medical Technologies, Inc. has announced an oversubscribed $500 million private investment in public equity (PIPE) financing to establish a Solana-focused treasury company. The deal includes $750 million in stapled warrants, creating the potential to scale the initiative to more than $1.25 billion. 

The company intends to deploy the proceeds into building a reserve of $SOL, the native asset of the Solana blockchain, positioning itself among the largest digital asset treasuries to date.

Amidst confusion from social media users about the naming, Solana infrastructure firm Helius Labs put out a post stating that they were not associated with the initiative in any way.

Structure of the Offering

The PIPE was priced at $6.881 per share, with stapled warrants exercisable at $10.134 for a period of three years. The offering is expected to close on or around September 18, 2025, subject to customary conditions. Proceeds will be directed toward acquiring $SOL in the open market and launching a Solana treasury strategy, with additional funds reserved for general corporate purposes. 

The proposed market-buying of $SOL after the raise is similar to the approach taken by Forward Industries earlier this week, as they established their Solana Treasury after raising $1.65 billion.

Shares of Helius surged more than 140% following the announcement from yesterday’s close of $7.56 to currently trade at $18.60, according to TradingView data. The move mirrors similar efforts by other companies that have pivoted toward digital asset treasury models.

Institutional Backing

The round was led by Pantera Capital, one of the earliest institutional investors in blockchain assets, and Summer Capital, an Asia-based fund manager with extensive crypto experience. The investor roster also includes Big Brain Holdings, FalconX, Arrington Capital, Animoca Brands, Borderless, Laser Digital, HashKey Capital, and Republic Digital.

Leadership for the new treasury company will include incoming Director and Executive Chairman Joseph Chee, founder and Chairman of Summer Capital, and former Head of Investment Banking for Asia at UBS. Pantera Capital’s Cosmo Jiang will serve as Board Observer, while Pantera Founder and Managing Partner Dan Morehead will act as Strategic Advisor.

Strategy and Rationale

Pantera Capital described Solana as “the most commercially viable blockchain” and “likely to have more upside” than Bitcoin in its latest blog post. Asked on CNBC about how he views Ethereum versus Solana, Managing Partner Dan Morehead replied: “Solana is the fastest, cheapest, most performant. It’s actually had better performance than even Bitcoin over the last four years.” He added that Solana is Pantera’s biggest position, valued at $1.1 billion.

Helius plans to establish $SOL as its primary reserve asset. The company intends to leverage Solana’s native yield-bearing design, which provides staking rewards of around 7 percent, while also exploring opportunities in decentralized finance and lending.

"We believe that Solana is a category-defining blockchain and the foundation on which a new financial system will be built. A productive treasury company, backing the industry's most affordable, fastest, and most accessible network, stands to substantially increase institutional and retail access to the Solana ecosystem and help fuel its adoption around the world." - Dan Morehead, Founder and Managing Partner of Pantera Capital.

Cosmo Jiang, General Partner at Pantera, noted that the strategy builds on experience gained from earlier digital asset treasury ventures involving institutions such as Tether, Softbank, and Cantor Fitzgerald. He also compared the potential shareholder value creation to the strategy pioneered by Michael Saylor at Strategy.

Market Context

The launch of Helius’s treasury company comes amid a broader trend of public firms adopting digital asset treasury strategies. Forward Industries, for instance, recently raised $1.65 billion with backing from Galaxy Digital and other partners, using the funds to purchase over $1.5 billion worth of $SOL in a couple of days. 

Other companies, such as DeFi Development Corp. and Upexi, have also shifted toward building Solana treasuries, collectively amassing significant holdings.

This surge in Solana-focused treasury vehicles reflects growing institutional conviction in Solana’s role within the blockchain sector. Pantera has argued that digital asset treasuries offer a more efficient structure than ETFs or direct spot holdings by generating yield and compounding token exposure over time. However, while this argument may apply to Ethereum ETFs, upcoming Solana ETF products are expected to include staking rewards, which could diminish or even nullify this advantage.

Helius’s Future Plans

Following the close of the offering, Helius plans to gradually scale its $SOL holdings over the next 12 to 24 months through open-market purchases. The company also expects to evaluate staking, lending, and other opportunities throughout the ecosystem to generate revenue from the $SOL Treasury, while maintaining a conservative risk profile.

The company has committed to transparency, regular reporting of treasury holdings, and strong engagement with the Solana ecosystem. 

If Helius successfully executes its strategy, the company could join the ranks of the largest Solana treasury holders, further cementing the network’s position as a core digital asset for institutional capital allocation.

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