TLDR:
- Helius secured $500M in funding led by Pantera and Summer Capital to build a public Solana treasury company.
- The $HSDT strategy will acquire SOL as its main reserve asset and scale holdings over the next 12–24 months.
- Incoming director Joseph Chee and Pantera’s Dan Morehead will oversee treasury operations and market strategy.
- $750M in stapled warrants were issued with a $10.134 strike price, exercisable within three years of issuance.
Helius Medical Technologies (NASDAQ: HSDT) just put Solana in Wall Street’s crosshairs.
The company has closed an oversubscribed $500 million funding round, with Pantera Capital taking the lead. The plan is simple: turn HSDT into a public vehicle that holds SOL as its core asset.
Pantera founder Dan Morehead said this gives regular investors a way to gain exposure without waiting for a Solana ETF. The offering could unlock as much as $1.25 billion once stapled warrants are exercised.
Helius and Pantera Capital Launch $HSDT Solana Treasury
In a statement shared, Helius confirmed the pricing of its private investment in a public equity deal. The offering valued shares at $6.881 with stapled warrants set at $10.134, exercisable over three years.
Pantera Capital, Summer Capital, and other backers such as Animoca Brands and HashKey Capital participated. The transaction is set to close by September 18, pending standard conditions, according to the company’s filing.
Helius will use the funds to buy SOL on the open market and begin treasury operations.
The company plans to scale holdings aggressively within 12–24 months using at-the-market offerings. Incoming Director and Executive Chairman Joseph Chee will lead the program with Pantera’s Cosmo Jiang as board observer. Dan Morehead will advise the treasury build-out, which aims to maximize SOL per share through yield and onchain participation.
For twelve years Pantera has been at the forefront of providing access to blockchain. First bitcoin fund, first blockchain venture fund, first exclusively private token fund, etc.
To date most have had million dollar-minimums and most require investors meet the very high SEC… pic.twitter.com/atx2McHQNh
— Dan Morehead (@dan_pantera) September 15, 2025
Treasury Strategy Focused on SOL Acquisition and Yield
Once funding is complete, HSDT will stake SOL to earn native yield and explore lending opportunities. The company said it will keep a conservative risk profile while engaging in DeFi activity.
Helius is also committed to transparent reporting of holdings and community engagement as operations ramp up. Its shares will remain on the Nasdaq Capital Market under the ticker HSDT through the transition.
Solana remains one of the most active blockchains, processing over 3,500 transactions per second. It currently averages 3.7 million daily active wallets and has crossed 23 billion transactions this year.
Dan Morehead said this vehicle gives both retail and institutional investors a path to join that growth. Cosmo Jiang added that the strategy mirrors Michael Saylor’s BTC playbook, aiming to drive value creation through accumulation.
