Helius Medical acquires over 760.190 SOLs in $500 million strategy
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Helius Medical Technologies (HSDT) announced the first move under its new digital treasury strategy, confirming the purchase of more than 760.190 Solana (SOL) tokens at an average price of $231 per unit. This initiative marks the beginning of the company's recently announced $500 million digital asset plan.
The market reacted strongly to the news. On September 12, HSDT shares jumped 250% after the revelation of the multi-million dollar fundraising led by Pantera Capital and Summer Capital, focused on the gradual acquisition of Solana. According to the company, the intention is to progressively expand the position over the next 12 to 24 months, also exploring possibilities in staking and DeFi protocols, but within a conservative approach.
Cosmo Jiang, HSDT board observer and general partner at Pantera, highlighted the importance of this initial phase:
"We are excited to embark on our efficient SOL accumulation plan. The initial accumulation at a cost below recent market prices, while still retaining the vast majority of the raised capital for more opportunistic purchases, demonstrates the team's focus on maximizing shareholder value, with market expertise and responsible capital stewardship."
Despite the enthusiasm, last Monday's trading session saw a 14% drop in the company's shares, which fell to around $20,79, reflecting a market capitalization approaching $800 million. At current prices, the acquired tokens represent approximately $167 million in market value.
Joseph Chee, CEO of HSDT, reinforced the Solana ecosystem's support for the project:
"It's been gratifying to receive outpourings of support from diverse stakeholders across the Solana ecosystem, including staking providers, DeFi protocols, and others. We take our responsibility to maximize shareholder value seriously and look forward to executing our plan."
In addition to its SOL position, the company stated that it still holds over US$335 million in cash to continue its cryptocurrency treasury strategy. Helius Medical also clarified that it has no ties to Helius, a Solana-linked infrastructure company co-founded by Mert Mumtaz.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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