Helius Medical Technologies has completed an oversubscribed private investment in public equity offering, securing more than $500 million through the sale of common stock and pre-funded warrants priced at $6.881, along with stapled warrants exercisable at $10.134 over three years. The round was led by Pantera Capital and Summer Capital and included participation from a range of digital-asset investors.
The deal secures $145 million in immediate equity commitments—restating a prior $50 million pledge—and includes over $750 million of stapled warrants that convert into common shares upon full exercise. Upon closing, Helius will also draw on approximately $562 million remaining in the Ares Acquisition trust account before any redemptions or deal expenses. These combined funding sources will give the company a robust balance sheet as it transitions to its new treasury strategy.
Proceeds from the offering will bankroll the purchase of SOL, the native token of the Solana blockchain, which Helius plans to adopt as its primary treasury reserve asset. Solana’s network leads the industry in transaction revenue—handling more than 3,500 transactions per second and supporting roughly 3.7 million daily active wallets—while SOL’s built-in staking yield of around 7 percent offers a productive revenue stream compared with non-yield-bearing assets.
Following the closing, Helius will draw on the experience of incoming executive chairman Joseph Chee, Pantera Capital observer Cosmo Jiang, and strategic advisor Dan Morehead to build and scale its SOL holdings over the next 12 to 24 months. Core initiatives include an at-the-market capital program for SOL acquisition and conservative deployment of assets into staking, lending, and decentralized finance opportunities to generate additional revenue while managing risk.
Helius common shares will continue trading under the ticker HSDT on the Nasdaq Capital Market until the deal finalizes, at which point the company’s digital-asset-focused treasury strategy will take effect. Management has committed to transparent reporting and verification of on-chain holdings, active engagement with the Solana community, and timely updates on stockholder approvals, token purchases, and overall treasury growth.
By combining deep medical technology expertise with a pioneering approach to digital asset management, Helius aims to demonstrate how regulated corporations can integrate cryptocurrency reserves into their capital strategies. The partnership with Pantera Capital and Summer Capital positions the company to capture on-chain innovation while preserving a conservative credit profile and supporting its long-term corporate objectives.
Advisors: Clear Street served as the exclusive financial advisor and lead placement agent to the company, and Maxim Group and Tiger Securities acted as co-placement agents to the Company. Honigman served as counsel to the company. Reed Smith served as counsel to Pantera Capital. Cooley served as counsel to Summer Capital. Winston & Strawn served as counsel to Clear Street.
KEY QUOTES:
“We believe that Solana is a category-defining blockchain and the foundation on which a new financial system will be built. 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.”
Dan Morehead, Founder and Managing Partner of Pantera Capital
“As a pioneer in the digital asset treasury space, having participated in the formation of the strategy at Twenty One Capital (CEP) with Tether, Softbank and Cantor, Bitmine (BMNR) with Tom Lee and Mozayyx as well as EightCo (OCTO) with Dan Ives and Sam Altman, 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.”
Cosmo Jiang, General Partner at Pantera Capital
“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. 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.”
Joseph Chee, Founder and Chairman of Summer Capital
