Solana Treasury Helius Targets 5% Of SOL, Eyes Hong Kong Listing
Helius is seeking to broaden its Solana treasury to at the least 5% of the cryptocurrency’s provide and contemplating a second itemizing in Hong Kong.
Solana Digital Asset Treasury Firm Helius Aiming For At Least 5% Of SOL
As reported by Wu Blockchain, NASDAQ-listed Helius Medical Technologies is planning on buying at the least 5% of the whole SOL provide. The info comes from an interview between the Hong Kong Economic Times (HKET) and Joseph Chee, Executive Chairman of Helius and Chairman of Summer Capital.
Helius Medical Technologies is a neurotech firm that final month pivoted to a digital asset treasury (DAT) technique centered round Solana, the cryptocurrency presently ranked sixth by market cap. The agency closed an preliminary personal placement providing, elevating over $500 million on September 18th, with the likes of Pantera Capital and Summer Capital among the many backers.
Helius has since been deploying this capital to buy SOL for its treasury. According to a press release printed Monday, the DAT firm now holds greater than 2.2 million tokens of the cryptocurrency.
To reinforce its shift in enterprise, Helius rebranded to “Solana Company” after receiving board approval on September twenty ninth. The agency acknowledged within the announcement that its mission is to “maximize SOL per share on one of the commercially viable blockchains for shopper purposes whereas delivering constant on-chain yield for buyers.”
At the present Solana value, the corporate’s treasury is value round $488.8 million. On high of this, it nonetheless holds about $15 million in money, which means that the agency already possesses extra capital than it initially raised in September.
If the agency’s Chairman is to go by, although, the DAT firm is nowhere close to accomplished with its accumulation. With a goal of 5% of the SOL provide in circulation, the purpose represents a complete funding of over $6 billion on the newest trade price.
Chee additionally instructed HKET that after market cap and regulatory necessities are met, Solana Company is planning a second itemizing in Hong Kong, which may doubtlessly occur throughout the subsequent six months.
During the newest acquisition announcement, Chee mentioned:
HSDT Solana Company’s funding narrative is resonating with institutional buyers. We are inspired by the robust curiosity popping out of Asia after the key digital property conferences final week, and we sit up for persevering with to be a number one advocate for the Solana ecosystem to a complete new set of buyers.
Helius’ pivot is simply a part of a broader SOL treasury wave that the sector has witnessed over the previous month. Forward Industries, a design and manufacturing firm, completed a $1.58 billion buy on September fifteenth because it shifted to a Solana DAT technique backed by Galaxy Digital, Jump Crypto, and Multicoin Capital.
At the beginning of this month, one other participant in VisionSys AI, a agency specializing in brain-machine interplay and superior AI techniques, announced a $2 billion SOL DAT program in partnership with Marinade Finance.
SOL Price
At the time of writing, Solana is buying and selling round $222, down greater than 1% over the past week.