Helius Medical Technologies (NASDAQ:HSDT) announced on Monday that it had raised over $500 million in a private funding round to establish a digital treasury dedicated to Solana. The plan aims to increase the total to $1.25 billion through equity-linked guarantees tied to the deal.
The financing round was led by Pantera Capital and Summer Capital, with participation from key investors including Animoca Brands, FalconX, and HashKey Capital.
Following the announcement, Helius shares surged more than 200% in early trading on Monday, closing up 141.67% at $18.27. Shares were up an additional 0.4% during pre-market trading on Tuesday, September 16, 2025. Meanwhile, Solana (COIN:SOLUSD) fell 2.80% on Tuesday to $233.62.
The initiative positions Helius within the growing trend of Digital Asset Treasuries (DATs), in which publicly listed companies accumulate crypto assets such as Bitcoin, Ethereum, and Solana. Also on Monday, Forward Industries (NASDAQ:FORD) announced it had acquired 6.8 million SOL for approximately $1.58 billion.
Helius’ new CEO, Joseph Chee—founder of Summer Capital and former UBS banker—will lead the transaction alongside Cosmo Jiang and Dan Morehead of Pantera Capital. The objective is to generate yields from Solana via staking, with average rewards of 7%, in addition to engaging in DeFi operations and lending.
Dan Morehead, founder of Pantera, emphasized the network’s potential, stating that Solana is currently the firm’s largest position, with $1.1 billion in assets. He noted that the blockchain has outperformed Bitcoin over the past four years and is capable of processing up to 9 billion transactions daily.
In Morehead’s view, only a few layer-1 blockchains will maintain lasting relevance, including Bitcoin, Ethereum, and Solana. Meanwhile, analysts such as Tom Lee of Fundstrat and BitMine believe that Federal Reserve interest rate cuts are likely to particularly benefit Bitcoin and Ethereum, although Solana is expected to attract significant attention from institutional investors.
Helius Medical Technologies stock price
Forward Industries stock price
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