Helius Medical Technologies, a Nasdaq-listed neurotech company, has taken a significant step to join the ever-growing list of institutional crypto investors. As revealed in a Monday press release, the company has acquired 760.190 SOL, the world’s sixth-largest cryptocurrency and the native token of the Solana blockchain.   Data from Google Finance shows that the company’s stock, HSDT, has been in a downtrend for an extended period, dropping by over 95% within the past year, from $592 to $ 20.40. Thus, the firm views adopting SOL as its primary reserve asset as a big step to boost its stock value over the long term. $175.6M Well Spent To fund its SOL shopping, a September 15 press release revealed that Helius Medical had partnered with Pantera Capital and Summer Capital to raise $500 million through the sale and purchase of common stock at $6.88 per share. The offering also included additional warrants that allowed investors to purchase more shares at $10.13 within a three-year window.  Concluding the offering, the neurotech firm made its first-ever SOL purchase, spending approximately $175.6 million to acquire 760,190 SOL at an average price of $231 per coin. Following the purchase, the firm retains $335 million in cash, which it plans to utilize to advance its SOL reserve in the coming business days and weeks.  Cosmo Jiang, Board Observer at HSDT and General Partner at Pantera Capital, commented on the firm’s latest pro-crypto move: “We are excited to embark on our SOL accumulation plan in an efficient manner. The initial accumulation at a lower cost basis than recent market prices, while still retaining the large majority of its capital raised for more opportunistic purchases, showcases how laser-focused the team is on maximizing shareholder value by having market awareness and being responsible stewards of capital.” SOL Investors on the Rise Remarkably, Helius Medical’s purchase announcement hit the market a week after Forward Industries also made its first-ever purchase of 6,822,000 SOL for $1.58 billion. Following the acquisition, it has become the world’s largest institutional SOL holder. According to data from Strategic Solana Reserve, other companies on the list include Sharps Technology, which holds approximately 2.140 million SOL, and DeFi Dev Corp, which has about 2.069 million SOL, among others. Meanwhile, pushed by the crypto market’s plummet on Monday, SOL trades around $220 per coin, having plunged by over 70% within the past 24 hours. The post Helius Medical Makes First-Ever Purchase of 760,190 SOL for $175.6M appeared first on Cointab.Helius Medical Technologies, a Nasdaq-listed neurotech company, has taken a significant step to join the ever-growing list of institutional crypto investors. As revealed in a Monday press release, the company has acquired 760.190 SOL, the world’s sixth-largest cryptocurrency and the native token of the Solana blockchain.   Data from Google Finance shows that the company’s stock, HSDT, has been in a downtrend for an extended period, dropping by over 95% within the past year, from $592 to $ 20.40. Thus, the firm views adopting SOL as its primary reserve asset as a big step to boost its stock value over the long term. $175.6M Well Spent To fund its SOL shopping, a September 15 press release revealed that Helius Medical had partnered with Pantera Capital and Summer Capital to raise $500 million through the sale and purchase of common stock at $6.88 per share. The offering also included additional warrants that allowed investors to purchase more shares at $10.13 within a three-year window.  Concluding the offering, the neurotech firm made its first-ever SOL purchase, spending approximately $175.6 million to acquire 760,190 SOL at an average price of $231 per coin. Following the purchase, the firm retains $335 million in cash, which it plans to utilize to advance its SOL reserve in the coming business days and weeks.  Cosmo Jiang, Board Observer at HSDT and General Partner at Pantera Capital, commented on the firm’s latest pro-crypto move: “We are excited to embark on our SOL accumulation plan in an efficient manner. The initial accumulation at a lower cost basis than recent market prices, while still retaining the large majority of its capital raised for more opportunistic purchases, showcases how laser-focused the team is on maximizing shareholder value by having market awareness and being responsible stewards of capital.” SOL Investors on the Rise Remarkably, Helius Medical’s purchase announcement hit the market a week after Forward Industries also made its first-ever purchase of 6,822,000 SOL for $1.58 billion. Following the acquisition, it has become the world’s largest institutional SOL holder. According to data from Strategic Solana Reserve, other companies on the list include Sharps Technology, which holds approximately 2.140 million SOL, and DeFi Dev Corp, which has about 2.069 million SOL, among others. Meanwhile, pushed by the crypto market’s plummet on Monday, SOL trades around $220 per coin, having plunged by over 70% within the past 24 hours. The post Helius Medical Makes First-Ever Purchase of 760,190 SOL for $175.6M appeared first on Cointab.