Helius Medical Buys Over 760,000 Solana Tokens
Helius Medical Technologies announced it bought more than 760,190 SOL tokens. The purchase cost about $167 million. This move is part of the company’s new digital asset treasury plan.
Helius now holds SOL tokens at an average price of $231 each. The company also has over $335 million in cash reserves. It plans to use this cash to grow its digital asset holdings.
Funding Backed by Pantera Capital and Summer Capital
This purchase follows Helius Medical’s $1.25 billion funding round. The round was led by Pantera Capital and Summer Capital. It included $500 million from a private investment in public equity (PIPE) deal. Another $750 million came from a sales offering.
Cosmo Jiang, Board Observer at Helius and General Partner at Pantera Capital, said the company aims to maximize shareholder value. He noted the team is careful with capital and aware of market conditions.
Solana Price Drops Despite Purchase
Solana’s price fell more than 6% on Monday, despite the large purchase. The token traded at around $220. Its weekly loss reached 7%.
Helius Medical’s stock dropped over 30% on the same day. Pantera Capital’s founder, Dan Morehead, said last week that Pantera holds $1.1 billion in SOL. He added that Solana has outperformed Bitcoin over the past four years.
