Helius Medical Technologies Joins the Ranks of Largest Public Solana Owners
In a significant move, Helius Medical Technologies has acquired 760,190 SOL, valued at $167 million, making it one of the largest public owners of the token. This purchase marks a substantial shift in the company’s treasury strategy, signaling an aggressive approach to digital assets. According to a press release dated September 22, the neurotech company has initiated its digital asset strategy with the purchase of over 760,190 Solana (SOL) tokens at an average cost basis of $231 per token.
The acquisition is managed by Cosmo Jiang, with Pantera Capital functioning as a board observer. This move effectively allocates a significant portion of the capital from a recent $500 million increase, with plans to explore staking and scaling holdings. Notably, Helius retains a substantial war chest of over $335 million in cash, which may be intended for further SOL purchases.
Key Highlights of the Acquisition
- Helius Medical acquired 760,190 SOL worth $167 million, becoming one of the largest public owners of the token.
- The purchase follows a $500 million increase under the direction of Pantera and Summer Capital, with plans to scale holdings and explore staking.
According to the company, “We are pleased to efficiently execute our SOL accumulation plan, with an initial accumulation at a lower cost basis than current market prices, while preserving the majority of our capital for more opportunistic purchases.” This statement underscores the company’s strategic approach to its digital asset treasury strategy.
From Neurotech to Solana Treasury Company
Earlier this month, Helius outlined its Digital Asset Treasury strategy for the first time, bringing in $500 million in a deal with Pantera Capital and Summer Capital. This increase was preceded by a 250% surge in HSDT shares on September 12, indicating that investors viewed the pivot as more than a temporary experiment. The September 22 announcement confirms that Solana will anchor the company’s treasury approach, with the position expected to be present over the next 12 to 24 months.
Helius is now part of a rapidly emerging cohort of public companies betting on Solana. According to Coingecko data, nine entities hold a combined 13.4 million SOL, valued at around $2.95 billion. While Helius’ share of $167 million is significant, the company lags behind the current leader, Starting Industry, which holds 6.8 million SOL. Other major holders include Defi Development Corp. (2.09 million SOL), Upexi (2.01 million SOL), and Sharps Technology (2 million SOL), illustrating a clear trend of companies flowing into the network.
Following the announcement on September 22, Helius (HSDT) shares slipped by 18%. The company’s move into the Solana ecosystem is a notable development, as more companies begin to explore the potential of digital assets. As the landscape continues to evolve, it will be interesting to see how Helius and other companies navigate the opportunities and challenges presented by blockchain technology.
For more information on this development, visit the original article at https://crypto.news/helius-buys-167m-in-solana-amid-corporate-treasury-shift/
