NEWTOWN, PA — Helius Medical Technologies, Inc. (Nasdaq: HSDT) has closed its previously announced private placement of common stock and stapled warrants, generating more than $500 million in gross proceeds. With the potential for an additional $750 million from warrant exercises, the transaction could raise over $1.25 billion in total.
The offering was led by Pantera Capital and Summer Capital, alongside a group of institutional investors including Big Brain Holdings, Avenir, SinoHope, FalconX, Arrington Capital, Animoca Brands, Aspen Digital, Borderless, Laser Digital, HashKey Capital, and Republic Digital.
Helius plans to use the funds to implement a digital asset treasury strategy centered on Solana (SOL), the native cryptocurrency of the Solana blockchain. The company intends to acquire SOL as its primary reserve asset, citing Solana’s strong transaction capacity, daily user base, and native staking yield of about 7%.
“Solana offers compelling potential for growth, with adoption still in its early stages,” said Dan Morehead, founder and managing partner of Pantera Capital, who was appointed strategic advisor to Helius. “By offering investors public-market exposure to Solana, Helius is positioned to accelerate global adoption and deliver long-term value.”
Cosmo Jiang, general partner at Pantera Capital and newly appointed board observer at Helius, noted that the company has already seen more than $500 million in trading volume since announcing its treasury strategy. “We aim to replicate what other firms have achieved with Bitcoin and Ethereum by maximizing Solana-per-share,” Jiang said.
Joseph Chee, founder and chairman of Summer Capital, was appointed executive chairman and director. “Helius is bridging public markets with the Solana network, where we expect much of the future of tokenization and payments to occur,” Chee said.
The company’s roadmap includes building a significant SOL position over the next two years, exploring staking and lending opportunities, and maintaining transparency through public reporting of treasury holdings.
The private placement was conducted under Regulation D exemptions and was led by Clear Street as exclusive financial advisor and placement agent, with Maxim Group LLC and Tiger Securities acting as co-placement agents. Legal advisors included Honigman LLP for Helius, Reed Smith LLP for Pantera, Cooley LLP for Summer Capital, and Winston & Strawn LLP for Clear Street.
Helius common stock continues to trade on Nasdaq under the ticker HSDT.
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