Helius Medical Technologies has raised more than $500 million in funding from Pantera Capital and Summer Capital to acquire SOL, the cryptocurrency of the Solana blockchain.
Investors are buying shares and warrants in Helius, and Helius will use the proceeds to purchase SOL. Helius will launch the SOL Treasury Company, an SOL-backed treasury vehicle with the potential to unlock capital markets to accelerate Solana’s growth.
In essence, Helius is creating a treasury company that will hold and manage SOL as its primary reserve asset. This is what Strategy (MSTR) did with Bitcoin, or BitMine (BMNR) for Ethereum. Helius Medical Technologies, the Nasdaq-listed company, will receive the proceeds. The funds will be used primarily to buy SOL in the open market, establish a SOL treasury operation, and for general corporate purposes.
The company intends to use the net proceeds of the offering to implement a digital asset treasury strategy and acquire SOL, the native cryptocurrency of the Solana blockchain. SOL will serve as the company’s primary treasury reserve asset.
The deal is a private investment in public equity, or PIPE transaction, for the purchase and sale of common stock at a purchase price of $6.881 and stapled warrants to purchase shares of common stock with an exercise price equal to $10.134 per stapled warrant. The stapled warrants will be exercisable for a period of three years from the date of issuance.
The offering is led by Pantera Capital, the first U.S. institutional asset manager focused exclusively on blockchain and a pioneer in DATs, and Summer Capital, one of the earliest licensed fund managers in Asia to invest in crypto.
Also participating in the deal are a group of investors including Big Brain Holdings, Avenir, SinoHope, FalconX, Arrington Capital, Animoca Brands, Aspen Digital, Borderless, Laser Digital, HashKey Capital, and Republic Digital.
The closing of the offering is expected to occur on or about September 18, 2025, subject to the satisfaction of customary closing conditions.
The companies said Solana has historically been the fastest-growing blockchain, leading the industry in transaction revenue and processing more than 3,500 transactions per second. The network is also the most widely adopted, averaging about 3.7 million daily active wallets and surpassing 23 billion transactions year to date.
SOL is the native cryptocurrency of the Solana blockchain. Solana is a fast, low-cost blockchain used for decentralized finance (DeFi) and consumer applications. Unlike Bitcoin, SOL is yield-bearing: holders can “stake” it to earn a native yield of about 7%. Solana is also one of the most widely used blockchains, with millions of daily users and billions of transactions.
The company intends to leverage the native yield-generating properties of Solana’s architecture – and capture opportunities in DeFi and broader onchain activity.
“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 (I grew up Morehead’s brother), in a statement. “A productive treasury company, backing the industry’s most affordable, fastest, and most accessible network, stands to substantially increase institutional and retail access to the Solana ecosystem and help fuel its adoption around the world.”
Following closing, the company’s management team will combine decades of experience across global capital markets and digital assets, including from incoming director and executive chairman, Joseph Chee (founder and chairman of Summer Capital and former head of investment banking for Asia at UBS), board observer Cosmo Jiang (general partner at Pantera Capital) and strategic adviser Morehead.
“As a pioneer in the digital asset treasury space, …we have built the expertise to set up the pre-eminent Solana treasury vehicle. There is a real opportunity to drive the flywheel of creating shareholder value that Michael Saylor has pioneered with Strategy (fka Microstrategy) by accelerating Solana adoption,” said Jiang, in a statement.
“We are thrilled to join forces with a leadership team laser-focused on maximizing SOL per share by leveraging the most commercially viable blockchain for decentralized finance and consumer applications,” said Chee, in a statement. “Our thesis is that all capital markets transactions, from tokenization to payments, are moving onto blockchain rails, and Helius aims to bridge public markets with the Solana network, where we expect the majority of that activity to take place.”
SOL treasury strategy and institutional roadmap
Following closing, the company expects to:
● Build an initial SOL position with plans to significantly scale holdings over the next 12 to 24 months via a best-in-class capital markets program incorporating ATM sales and other proven strategies.
● Evaluate staking, lending and other opportunities throughout the ecosystem to generate revenue from the SOL Treasury, while maintaining a conservative risk profile.
Transaction overview
The PIPE includes the sale of more than $500 million of common stock (and/or pre-funded warrants), plus over $750 million of stapled warrants that could be exercised over the next three years. The net proceeds to Helius from the PIPE are the initial $500 million raised, with the potential for an additional $750 million if the warrants are exercised.
The company is establishing a Solana-focused treasury vehicle. The rationale is that Solana is one of the most commercially viable blockchains for decentralized finance and payments. By holding SOL as its primary treasury reserve, Helius seeks to both generate yield and position itself at the center of Solana’s institutional adoption.
The stapled warrants will be exercisable for a period of three years from the date of issuance and have an exercise price equal to $10.134 per stapled warrant. Investors that intend to fund their purchase amount with locked and/or unlocked SOL in the offering will be issued and sold pre-funded warrants and stapled warrants, which warrants will become exercisable immediately following the company’s receipt of stockholder approval.
The offering is expected to close on or around September 18, 2025, subject to the satisfaction of customary closing conditions.
Upon closing, the company intends to use the net proceeds from the offering primarily to fund the acquisition of SOL in the open market and the establishment of the company’s SOL treasury operations, as well as for working capital and general corporate purposes.
Trading and next steps
The company’s common stock will continue to trade on the Nasdaq Capital Market under the ticker “HSDT” through the closing of the offering, with the updated treasury strategy effective immediately following the closing.
The company will emphasize transparency and verification of holdings, strong engagement with the SOL ecosystem and community. Additional updates on the offering, SOL acquisitions, treasury growth, relevant Stockholder Approvals and governance measures are expected in the coming weeks.
Advisors
Clear Street served as the exclusive financial advisor and lead placement agent to the company, and Maxim Group LLC and Tiger Securities acted as co-placement agents to the company. Honigman LLP served as counsel to the company.
Reed Smith LLP served as counsel to Pantera Capital. Cooley LLP served as counsel to Summer Capital. Winston & Strawn LLP served as counsel to Clear Street. The company said the announcement does not constitute investment advice.
Pantera launched the first cryptocurrency fund in the U.S. when Bitcoin was valued at $65 per Bitcoin in 2013. The firm also launched the first exclusively blockchain venture fund. Pantera Bitcoin Fund has returned 153,159% in 12 years and returned billions to investors.
Pantera manages $5.2 billion across three strategies – passive, hedge, and venture – exclusively focused on bitcoin, other digital currencies, and companies in the blockchain tech ecosystem.
Summer Capital is a prominent investment management and advisory firm with operations spanning Hong Kong, mainland China, and Southeast Asia. The firm specializes in early-stage and growth-stage investments across “new economy” sectors such as fintech, blockchain infrastructure and applications, consumer technology, and healthcare.