Helius buys $167m in Solana amid corporate treasury shift

Helius Medical Technologies has joined an exclusive club. Its acquisition of 760,190 SOL, worth $167 million, places the Pantera-backed firm among the largest public-company holders of the asset, signaling its aggressive shift in treasury strategy.

According to a press release dated September 22, the neurotech company has initiated its digital asset treasury strategy with the purchase of over 760,190 Solana (SOL) at an average cost basis of $231 per token.

The move, guided by Pantera Capital’s Cosmo Jiang, who serves as a board observer, effectively redeploys a significant portion of the capital from a recent $500 million raise. Notably, Helius retains a substantial war chest of more than $335 million in cash, potentially earmarked for further SOL purchases.

From neurotech to Solana treasury company

Helius first outlined its digital asset treasury strategy earlier this month when it raised $500 million in a deal led by Pantera Capital and Summer Capital. That raise preceded a 250% surge in HSDT shares on September 12, a sign that investors saw the pivot as more than a passing experiment.

The September 22 announcement confirms that Solana will anchor the company’s treasury approach, with plans to scale the position over the next 12 to 24 months while exploring staking and DeFi opportunities under what the firm describes as a conservative risk framework.

Helius now occupies a notable position in a rapidly emerging cohort of public companies betting on Solana. Data from CoinGecko tracks nine entities holding a combined 13.4 million SOL, valued at approximately $2.95 billion.

While Helius’s $167 million stake is significant, it places the company behind the current leader, Forward Industries, 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 corporate capital flowing into the network.

Helius (HSDT) slipped 18% following the Sept. 22 announcement.