Helius Medical Joins Solana Rush With $1.25B Treasury

Helius Medical Technologies has raised $500 million in a Pantera-led funding round, with plans to expand its Solana treasury to $1.25 billion through additional warrants.

Helius Medical Technologies is the latest Nasdaq-listed firm to embrace digital asset treasury strategies, announcing a $500 million private investment in public equity (PIPE) round led by Pantera Capital. The oversubscribed offering, revealed on Monday, September 15, also includes $750 million in stapled warrants, which could bring the company’s Solana (SOL) treasury to a total of $1.25 billion.

The move places Helius among a growing cohort of public companies pivoting to Solana-based treasury strategies, underscoring the blockchain’s expanding role in institutional crypto finance.

Helius $HSDT, in partnership with @PanteraCapital and Summer Capital, announces over $500 million in funding to launch the preeminent Solana treasury company.

Link to press release: https://t.co/dtBFZI4plI pic.twitter.com/uRxpjkmwk5
— Helius (HSDT) (@HeliusHSDT) September 15, 2025

Investor Lineup and Strategic Guidance

The PIPE round attracted a roster of heavyweight investors, including Summer Capital, Big Brain Holdings, Avenir, SinoHope, FalconX, Arrington Capital, Animoca Brands, Aspen Digital, Borderless, Laser Digital, HashKey Capital, and Republic Digital.

Guiding the Solana treasury strategy will be Joseph Chee, Executive Chairman of Helius and founder of Summer Capital, alongside Cosmo Jiang, General Partner at Pantera Capital, and Dan Morehead, Pantera’s founder and managing partner.

Helius executives emphasized Solana’s strong fundamentals, pointing to its historical growth as the fastest-expanding blockchain, with transaction throughput exceeding 3,500 transactions per second and a leadership position in transaction revenue.

Why Solana Over Bitcoin?

Unlike Bitcoin, which does not generate native yield, Solana offers approximately 7% staking rewards through its proof-of-stake design. Helius plans to capitalize on this built-in yield alongside broader opportunities across DeFi and on-chain finance.

Dan Morehead explained Pantera’s conviction in the strategy:

“We believe that Solana is a category-defining blockchain and the foundation on which a new financial system will be built,” said Dan Morehead, founder and managing partner of Pantera Capital.

Market Reaction: HSDT Stock Surge

News of the Solana treasury initiative sparked a dramatic rally in Helius stock (NASDAQ: HSDT). Shares soared more than 159%, climbing from $7.91 at Friday’s close to $45.51 intraday before pulling back to $19.63 by press time, according to Yahoo Finance.

The reaction mirrors other Nasdaq-listed firms that unveiled similar strategies. In June, BitMine stock jumped 511% in a single session, from $4.26 to $26.06, after announcing its crypto treasury plans.

Solana Treasuries on the Rise

The Helius announcement builds on a broader trend of companies amassing Solana treasuries, a phenomenon some analysts are calling “Solana season.”

Upexi Inc., once a consumer products company, now holds over 2 million SOL worth $447 million, generating daily staking rewards of roughly $105,000 and $142 million in unrealized gains. The company also recently appointed former BitMEX CEO Arthur Hayes as an adviser.
DeFi Development Corp. and Sol Strategies are also accumulating hundreds of millions in SOL positions.
Forward Industries (NASDAQ: FORD) recently acquired 6.82 million SOL at an average price of $232, worth about $1.58 billion, with backing from Galaxy Digital, Jump Crypto, and Multicoin Capital.

Kyle Samani, Chairman of Forward Industries, positioned the strategy as both ecosystem support and shareholder value creation, noting the company’s goal of building the world’s largest Solana treasury.

Billions Flow Into SOL

According to X post from Mert Mumtaz, CEO of Solana infrastructure provider Helius, treasury companies focused on Solana have collectively raised between $3 billion and $4 billion. Unlike Bitcoin-focused strategies pioneered by MicroStrategy, much of this capital will be deployed into DeFi protocols, potentially amplifying Solana’s ecosystem growth and token demand.

Data from CoinGecko shows that around eight Solana treasury firms have already accumulated more than $1.5 billion in SOL holdings, representing over 1% of total token supply.

At present, Solana trades around $233 and supports more than $13 billion in total value locked (TVL) across its DeFi ecosystem, making it second only to Ethereum in on-chain liquidity.

Read more: Top 7 Altcoins to Watch in 2025

Institutional Outlook

Global asset manager VanEck has recently reiterated its bullish stance, forecasting that Solana could reach $520 before year-end if adoption momentum continues.

The rising wave of Solana treasury firms highlights a key difference from the earlier Bitcoin corporate treasury trend: instead of simply holding assets, companies are actively engaging in staking, DeFi participation, and ecosystem investment—activities that generate recurring yield and deepen liquidity.

As institutional interest in Solana intensifies, Helius Medical’s billion-dollar strategy marks another milestone in the blockchain’s maturation. With billions already deployed and more treasury firms forming, Solana is positioning itself as not only a competitor to Ethereum but also as the centerpiece of a new corporate treasury model blending yield generation with ecosystem growth.