Helius launches a $500 million treasury on Solana: shares over 200%

A stake of over 500 million dollars on Solana shines a spotlight on Helius Medical Technologies (Helius): the plan involves keeping SOL in treasury reserve, with the aim of expanding the portfolio to a potential of approximately 1.25 billion dollars thanks to warrants. The news is also confirmed by the official statement published by the company on September 15, 2025. In this context, the shares fluctuate in pre-market with a rally exceeding 200%, while the SOL token records a 4% drop on a daily basis according to public market data.

According to data collected by market analysts and verified with on‑chain explorers, the pre‑market rally on September 15, 2025, coincided with significant movements between institutional wallets and custody addresses. Industry observers note that the combination of direct holding, staking on Solana, and warrants can increase the liquidity available for the treasury but also introduces elements of leverage and dilution to monitor.

Helius invests in Solana and soars on the Stock Exchange: what happened in brief

On September 15, 2025, Helius Medical Technologies (tickerHSDT) announced the launch of a treasury-focused company on Solana (SOL) through a private financing exceeding 500 million dollars. The investment vehicle, aimed at holding SOL as a reserve asset, plans to increase the overall endowment to approximately 1.25 billion dollars through the issuance of warrants.

The market reacted with a pre-market rally of HSDT shares exceeding 200%, with prices surpassing $24 in the pre-market session on September 15, 2025. That said, in the same time frame, SOL experienced a daily decline of about 4% (market data published on September 15, 2025).

Key Numbers

• Initial capital raised: over 500 million dollars (private funding announced on September 15, 2025)
• Potential expansion through warrants: up to approximately 1.25 billion dollars
• Indicative staking yield: ~7% annually (variable based on network conditions; data updated as of September 16, 2025, source: Staking Rewards)
• Reference competitor: Forward Industries (FORD), recently highlighted with a declared allocation of approximately 1.65 billion dollars
• Purchases reported by Forward: approximately 6.8 million SOL for a value of about 1.58 billion dollars.

Who is behind it and how the governance is structured

The round was led by Pantera Capital and Summer Capital. Among the investors are Animoca Brands, FalconX, and HashKey Capital. Joseph Chee from Summer Capital is set to take on the role of executive chairman to lead the digital strategy, alongside Cosmo Jiang and Dan Morehead from Pantera Capital. In this context, the governance includes a structure focused on custody, risk management, and compliance, which are fundamental elements for an operation of this magnitude.

Why a Treasury on Solana: The Operational Strategy

Helius’s plan is structured along three main lines: holding SOL as a reserve, generating income through staking, and targeted investment in DeFi projects and lending operations to increase revenue. The goal is to combine recurring yield and liquidity while maintaining a risk profile consistent with a listed issuer. It should be noted that building solid processes is central to preserving consistency between expected returns and risk control.

Staking SOL: yield and method

Staking on Solana generates rewards that, net of validator fees, generally range between 6% and 8% APY. The estimate of ~7% APY is consistent with recent data, although variable depending on network inflation, participation rate, and fees applied by validators. For further insights, you can consult the Staking Rewards page or explorers like Solana Beach. It is essential to report the reference date for yield calculation (e.g., September 16, 2025) and details regarding the applied fee to ensure consistent comparisons over time.

The Comparison with Forward Industries: Models Compared

Helius is part of the new wave of Digital Asset Treasuries (DAT). While Helius focuses on an emerging model that integrates staking and warrant instruments, Forward adopts a strategy of accumulation and frequent communication with the market. In fact, the two paths reflect different operational priorities while converging on the SOL asset.

These differentiated approaches highlight how the plurality of strategies can not only accelerate the adoption of SOL as a corporate reserve but also raise higher standards in terms of transparency, on-chain audit, and custody quality.

Market Impact: Signals and Readings

The rise of HSDT stock, with an increase of over 200% in the pre-market on September 15, 2025, highlights the positive effect that news about well-integrated digital assets can have on small-cap companies. At the same time, the daily decline of SOL underscores how the crypto market, although deep and liquid, reacts less uniformly to isolated corporate news. That said, the creation of more Digital Asset Treasuries could, in perspective, increase the structural demand for SOL, while also raising the token’s sensitivity to concentrated treasury flows.

Risks, limits, and scenarios

• Price Volatility: a correction of SOL by even 30% on a quarterly basis could erode the book value of the treasury, surpassing the annual yield obtained from staking.
• Custody risk: the choice of the custodian, asset segregation, and insurance coverage are crucial to mitigate risks. In this regard, innovative custody services are gaining traction in the European and global market.
• Operational/DeFi Risk: potential vulnerabilities in smart contracts, exploits, liquidity issues of protocols, and counterparty risks in lending activities represent additional criticalities.
• Regulatory risk: potential changes in the regulation of accounting treatments, disclosure requirements, and restrictions on crypto investments could impact treasury operations.
• Concentration: a strong exposure to a single asset like SOL increases the systemic risk in the company’s balance sheet.

Mini‑FAQ

What is the yield of staking SOL?

In recent conditions, the gross yield of SOL staking has settled around ~7% APY (data updated as of September 16, 2025), although this value varies depending on network parameters, validator fees, and other factors. It is important to periodically update the measure indicating the reference date and epoch.

What are warrants and how do they impact the 1.25 billion target?

Warrants are financial instruments that grant the right to purchase shares at a predefined price within a certain expiration date. For Helius, the exercise of the warrants could expand the overall treasury allocation to approximately 1.25 billion dollars, according to the terms communicated in the official statement.

How can a treasury be structured on Solana in a company?

The creation of a treasury on Solana requires the establishment of well-defined policies in terms of governance, asset custody, and risk management, along with procedures for staking, liquidity management, and transparency in reporting. Independent audits and compliance practices help mitigate operational risk.

What is a Digital Asset Treasury (DAT)?

A Digital Asset Treasury is a structure that manages digital assets, such as SOL, aimed at ensuring both yield—through staking and investments in sectors like DeFi—and liquidity, within the framework of rigorous controls and corporate reporting.

Conclusion

The launch of the Solana treasury by Helius represents a significant step towards the integration of digital assets into corporate balance sheets. If well-structured and governed, these vehicles can offer a combination of staking yield and discipline in treasury management, while highlighting risks related to volatility, custody, and compliance. The comparison with the model adopted by Forward Industries shows that, beyond size, the key factors will be transparency, operational method, and quality of execution.