Helius Medical Technologies announced a $500 million private investment in public equity (PIPE) deal to pivot its treasury reserves into Solana. Priced at $6.881 per share, the investment was oversubscribed and led by Pantera Capital and Summer Capital, with participation from Animoca Brands, HashKey Capital, and FalconX. The deal includes stapled warrants, potentially raising an additional $750 million, for a total of $1.25 billion. Following the news, Helius shares soared over 200% in pre-market trading to exceed $24.
Incoming Executive Chairman Joseph Chee said the strategy aims to leverage Solana’s yield opportunities, including around 7% staking rewards, and expand into DeFi activities. Pantera’s Dan Morehead called it a landmark moment for Solana adoption in public markets.
This strategic pivot aligns Helius against Forward Industries, which recently raised $1.58 billion to acquire over 6.8 million SOL. While Helius stock rallied, SOL itself dipped 4% in the 24 hours after the announcement.
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