SOLANA TREASURY FIRM HELIUS RAISES $500M, STOCK SOARS 200%

Summary from the TLDR Crypto newsletter

Helius Medical Technologies has raised over $500 million in a private financing round led by Pantera Capital and Summer Capital to create a Solana-focused treasury company. Shares surged over 200% above $24 in pre-market trading following the announcement. The vehicle will hold SOL as its reserve asset and aims to expand to more than $1.25 billion through stock warrants. It will directly compete with recently launched Forward Industries, which has already purchased 6.8 million SOL tokens for roughly $1.58 billion last week from its $1.65 billion war chest backed by Galaxy Digital. Helius plans to leverage Solana's yield-bearing design to generate income through staking rewards of around 7% and DeFi lending opportunities. Incoming executive chairman Joseph Chee will lead the digital asset strategy alongside Pantera's Cosmo Jiang and Dan Morehead.