 
 
Pantera-backed Helius Medical Technologies has purchased its first Solana tokens, marking the start of a corporate treasury reserve built around the sixth-largest cryptocurrency by market capitalization.
The company now holds approximately 760,190 tokens, valued at around $167 million, at an average cost of $231 per SOL. Shares of Helius Medical soared over 200% on Sept. 12 after the firm announced it was raising more than $500 million in a private financing round led by crypto-focused US asset manager Pantera Capital and Asian fund manager Summer Capital.
Helius said it intends to create an initial SOL position and “significantly scale holdings over the next 12-24 months via best-in-class capital markets program incorporating ATM sales and other proven strategies.”
“We are excited to embark on our SOL accumulation plan in an efficient manner,” Cosmo Jiang, board observer at HSDT and general partner at Pantera Capital, stated. “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.”
Solana Adoption Gaining Institutional Momentum
Helius is joining the latest wave of new digital asset treasuries (DATs), with public companies pivoting to raise funds and buy alternative cryptocurrencies like Solana, signaling soaring institutional interest in alternative blockchains beyond Bitcoin.
 
Helius will rival the recently launched Forward Industries, the Galaxy Digital-backed digital asset strategy company with a $1.65 billion cash pile to build a Solana treasury. The company confirmed last week that it had already scooped up 6.8 million tokens for roughly $1.58 billion. Forward also launched a $4 billion ATM offering last week to bolster its SOL holdings.
More corporate crypto treasury firms may increase demand and help SOL’s price appreciation, which is up 5% over the last 30 days, CoinGecko data shows.
Bitwise CIO Matt Hougan recently predicted that Solana’s outperformance could continue, as incoming demand from treasury companies and anticipation of spot exchange-traded funds (ETFs) could have a significant impact on SOL, given its smaller market cap compared to Bitcoin and Ether.