Helius Raises $500M to Launch Solana Treasury Firm, Shares Surge Over 200%

Helius Medical Technologies (HSDT) said Monday it has secured over $500 million in private financing to establish a Solana-focused digital asset treasury, aiming to rival newly launched competitors in the space.

The new vehicle will hold Solana’s native token, SOL, as its core reserve asset, with ambitions to scale beyond $1.25 billion through stock warrants tied to the deal, according to the press release.

The funding round was led by Pantera Capital and Summer Capital, with participation from Animoca Brands, FalconX, and HashKey Capital. Following the announcement, HSDT shares more than tripled in pre-market trading to above $24. Meanwhile, SOL slipped 4% over the past 24 hours.

Helius joins a growing wave of public companies raising capital to build digital asset treasuries (DATs), similar to the strategy pioneered by MicroStrategy with bitcoin (BTC $117,821). These firms accumulate crypto assets such as BTC, ether (ETH), or SOL as part of their balance sheet strategy.

The company will directly compete with Forward Industries (FORD), which last week launched a $1.65 billion Solana-focused vehicle backed by Galaxy Digital and other investors. FORD confirmed it had already acquired 6.8 million SOL worth about $1.58 billion.

Helius plans to leverage Solana’s yield-generating features, earning around 7% in staking rewards while also deploying tokens across decentralized finance (DeFi) and lending markets.

Incoming executive chairman Joseph Chee, founder of Summer Capital and former UBS banker, will oversee the digital asset strategy alongside Pantera’s Cosmo Jiang and Dan Morehead.

“As a pioneer in the digital asset treasury space, we’ve built the expertise to launch the premier Solana treasury vehicle,” Jiang said in a statement, noting prior ventures involving Tether, SoftBank, Cantor, and other major players.

“There is a unique opportunity to replicate the shareholder value flywheel pioneered by Michael Saylor’s MicroStrategy — but this time accelerating adoption of Solana,” he added.