Helius Medical Technologies (Nasdaq: HSDT) has closed on a $500 million PIPE as it pursues a Solana (SOL) Treasury Strategy.
Solana is a high-performance blockchain that some predict will become the one blockchain to rule them all when it comes to institutional and financial services demands. Pantera Capital and Summer Capital led this charge, with Pantera founder Dan Morehead explaining he wants to create a DAT (digital asset treasury company) that is accessible to retail investors.
In total, the project raised $1.25 billion in gross proceeds with investors like Big Brain Holdings, Avenir, SinoHope, FalconX, Arrington Capital, Animoca Brands, Aspen Digital, Borderless, Laser Digital, HashKey Capital, and Republic Digital participating. Republic is the leading online capital formation platform in the US.
After the close, Helius appointed Joseph Chee, founder and Chairman of Summer Capital and former Head of Investment Banking in Asia at UBS, as its Executive Chairman and Director. Cosmo Jiang, General Partner at Pantera Capital, as a board observer, and Morehead as a Strategic Advisor.
Chee said they are “laser focused” on maximizing SOL per share and that as capital markets migrate to blockchain rails, Solana is the place they expect the majority of activity will take place.
