Helius Medical Technologies (Bid) announced On Monday raised more than $ 500 million in a private round of financing to create a Treasury-focused company dedicated to Solana.
The vehicle will hold Sol, the native token of Solana Blockchain, as its reserves owned and aims to extend to more than $ 1.25 billion through stock warrants tied to the deal, the press release said.
Financing is led by Pantera Capital and Summer Capital, with participation from investors including the Animoca Brands, Falconx and Hashkey Capital.
Firm shares rallied over 200% above $ 24 in pre-market trading following the announcement. Solana dropped 4% in the past 24 hours.
The firm joins the latest wave of new digital assets of wealth, or DAT, including public companies pivoting to raise funds and buy cryptocurrencies such as bitcoin Ether (Et) or Sol.
Helius is set to compete with Recently launched Pass the industries (Ford) with $ 1.65 billion war breast supported by Galaxy Digital and others. That firm confirmed On Monday, 6.8 million tokens bought about $ 1.58 billion last week.
Helius’s plan is to use Solana’s yield design to generate revenue in holdings, earn staking rewards around 7% as well as deploying tokens in decentralized financial (Defi) and lending opportunities. Incoming executive chairman Joseph Chee, founder of Summer Capital and a former UBS banker, will lead the company’s digital assets along with Pantera’s Cosmo Jiang and Dan Morehead.
“As a pioneer in the digital asset’s digital space, which participated in the development of the approach to twenty -one capital (Cep) with tether, softbank and cantor, bitmine (BMNR) with Tom Lee and Mozayyx as well as Eightco (Octo) Together with Dan Ives and Sam Altman, we have built the expertise to set up the pre-eminent Solana Treasury Vehicle, “Cosmo Jiang, a general partner in Pantera Capital, said in a statement.
“There is a real opportunity to encourage the flywheel of creating the value of the shareholder that Michael Saylor advised with approach by accelerating Solana’s adoption,” he added.
Read more: Solana falls as Galaxy has sneaks over $ 700m tokens from the exchanges
