In a significant development for institutional cryptocurrency adoption, two Nasdaq-listed companies have announced massive Solana-focused treasury strategies totaling over $2 billion in potential investments. Helius Medical Technologies (HSDT) revealed it has raised more than $500 million in a private investment round led by Pantera Capital and Summer Capital, with potential proceeds exceeding $1.25 billion upon exercise of warrants.
The financing round included participation from prominent investors including Animoca Brands, FalconX, and HashKey Capital. Helius stated the proceeds will be used to launch a digital asset treasury strategy focused exclusively on acquiring SOL, which will become the company's primary reserve asset. The firm specifically cited Solana's "high-throughput network with millions of daily users, billions of transactions, and a native staking yield of approximately 7%" as key reasons for their selection.
Simultaneously, Forward Industries (FORD) confirmed it has already purchased 6.8 million SOL tokens at an average price of $232, representing a total investment of $1.58 billion. This acquisition follows the company's recent $1.65 billion capital raise in a private investment round led by Galaxy Digital, Jump Crypto, and Multicoin Capital on September 8.
Dan Morehead, founder of Pantera Capital, endorsed the strategy stating: "We believe Solana is a category-defining blockchain and the foundation on which to build a new financial system." The moves represent a growing trend of public companies establishing digital asset treasuries (DATs), with Helius joining firms like Forward Industries, Sol Strategies, DeFi Development Corp., and Solana-focused Upexi.