Pantera-backed Helius Medical purchases over 760,190 SOL, kicking off $500 million DAT strategy

Helius Medical Technologies (ticker HSDT) announced Monday its first acquisition of Solana tokens as part of its digital asset treasury strategy. The company holds over 760,190 SOL, with an average cost basis of $231.

Shares of Helius Medical soared 250% on Sept. 12 after the company announced a $500 million SOL treasury raise led by Pantera and Summer Capital. The company said it plans to build an initial SOL position and scale it over the next 12-24 months, "while exploring staking and DeFi opportunities under a conservative risk framework." The Block reported at the time.

"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, said. "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."

HSDT shares were down 14% to around $20.79 in Monday's trading session, giving the company a market capitalization of around $800 million. At current prices, the company owns around $167 million worth of SOL tokens. Among Solana-based digital asset treasuries , Forward Industries leads the way at around $1.6 billion.

"It has been gratifying to receive shows of support from multiple stakeholders across the Solana ecosystem, including staking providers, DeFi protocols and others," Joseph Chee, executive chairman of HSDT, said. "We take our responsibility to maximize shareholder value seriously and are eager to execute against our plan."

Helius Medical Technologies said it still holds in excess of $335 million of cash, which it intends to use to further the digital asset treasury strategy. The firm is not affiliated with the Solana infrastructure firm Helius , co-founded by Mert Mumtaz.