Helius Medical Technologies, now operating as HSDT Solana Company, has grown its Solana treasury to more than 2.2 million SOL tokens worth over $525 million, combined with cash holdings exceeding $15 million, the company announced on October 6.
The acquisition was made less than three weeks after the initial $500 million private placement closed on September 18, with the combined value already surpassing the gross proceeds from the original capital raise.
Cosmo Jiang, General Partner at Pantera Capital and Board Observer, noted the company is “focused on maximizing shareholder value by efficiently accumulating Solana.”
Institutional Solana treasury holdings have surged past $4 billion across 18 tracked participants controlling 3.1% of the circulating supply, according to Strategic Solana Reserve data.
Source: Strategic Solana Reserve
Forward Industries leads with 6.8 million SOL valued at $1.69 billion, followed by Sharps Technology with 2.1 million SOL and DeFi Development Corp with just over 2 million SOL.
Forward Industries closed a $1.65 billion private placement on September 11, led by Galaxy Digital, Jump Crypto, and Multicoin Capital.
Kyle Samani from Multicoin Capital became the Chairman of the Board.
At the same time, the company filed plans for a $4 billion equity program and partnered with Superstate to tokenize its stock on the Solana blockchain.
As mentioned earlier, Helius Medical secured $500 million through an oversubscribed placement led by Pantera Capital in September, with an additional $750 million in stapled warrants, potentially bringing total treasury capital to $1.25 billion.
Investors included Summer Capital, Arrington Capital, Animoca Brands, and HashKey Capital. Following the announcement, HSDT stock surged over 159% from $7.91 to $45.51 before settling at $19.63.
This month, VisionSys AI has unveiled plans for a $2 billion Solana treasury program in partnership with Marinade Finance, starting with a $500 million SOL acquisition over six months.
Australian fitness company Fitell Corporation also secured a $100 million credit line for its treasury strategy with plans to rebrand as Solana Australia Corporation.
The company added 216.8 million Pump.fun tokens, valued at $1.5 million, and appointed David Swaney and Cailen Sullivan as advisers.
One of the oldest and leading firms, SOL Strategies, commenced trading on Nasdaq under ticker STKE on September 10, with $94 million in holdings, managing 3.62 million SOL under delegation and participation from 8,812 unique wallets.
