Helius Aims to Expand Solana Holdings and Consider Hong Kong Listing
Helius Sets Ambitious Solana Acquisition Goals
Helius Medical Technologies, a company listed on NASDAQ, is strategically pivoting towards digital asset treasury management, with a keen focus on Solana (SOL). According to insights shared by Wu Blockchain, Helius is on a mission to secure at least 5% of the total Solana supply. This strategic move was elaborated in an interview between the Hong Kong Economic Times and Joseph Chee, the Executive Chairman of Helius and Chairman of Summer Capital.
Transitioning from its origins as a neurotechnology firm, Helius has rebranded to “Solana Company,” signaling a robust commitment to the Solana blockchain. This transformation was ratified by their board on September 29th. The company’s overarching objective is to amplify SOL per share, leveraging one of the blockchain industry’s most commercially potent platforms for consumer applications. This shift aims to consistently generate on-chain yield for investors.
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The firm recently closed an initial private placement offering, amassing a substantial $500 million on September 18th. Esteemed investors, including Pantera Capital and Summer Capital, have backed this endeavor. Subsequently, Helius has been strategically deploying these funds to augment its SOL treasury, boasting an impressive holding of over 2.2 million SOL tokens.
With Solana’s current market valuation, Helius’s treasury is estimated at approximately $488.8 million. In addition, the company maintains a cash reserve of $15 million, surpassing the capital initially raised in September. However, the company remains far from its acquisition target. Aiming for a 5% stake in Solana’s circulating supply translates to an investment exceeding $6 billion at the present exchange rate.
Joseph Chee also revealed plans for a secondary listing in Hong Kong, contingent upon achieving certain market capitalization and regulatory milestones. This development could unfold in the next six months.
Strong Institutional Interest in Solana
During a recent announcement, Chee highlighted the growing interest from institutional investors in Helius’s Solana-centric strategy. The company is particularly encouraged by the enthusiastic response from Asia, following major digital asset conferences held last week. Helius is poised to play a pivotal role in advocating for the Solana ecosystem, attracting a new wave of investors.
Helius’s strategic pivot aligns with a broader trend in the digital asset treasury sector, with other notable companies following suit. Forward Industries, a design and manufacturing entity, executed a $1.58 billion acquisition on September 15th, aligning with a Solana-focused strategy supported by Galaxy Digital, Jump Crypto, and Multicoin Capital. Additionally, VisionSys AI, specializing in brain-machine interaction and advanced AI systems, has embarked on a $2 billion Solana DAT initiative in collaboration with Marinade Finance.
Current SOL Market Performance
At present, the trading price of Solana hovers around $222, reflecting a slight decline of over 1% in the past week.
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