Helius Completes $500M Solana Treasury Placement, Second Largest in NAV
Helius Medical Technologies (HSDT) has completed a $500 million private placement to establish a Solana treasury reserve. This transaction, involving common stock and stapled warrants, could potentially raise over $1.25 billion if all warrants are exercised.
- The investment was co-led by Pantera Capital and Summer Capital.
- Helius’ crypto NAV is now the second largest among Solana treasury entities, behind Forward Industries with $1.6 billion holdings.
- The firm will focus on holding SOL due to its ~7% native staking yield advantage.
- Plans include allocating into decentralized finance and on-chain protocols for additional passive income while maintaining a conservative risk profile.
Solana Staking Deposits Increase:
- Solana staking deposits have risen from 400.8 million SOL to 411.3 million SOL, an increase valued at approximately $2.5 billion.
- This coincides with nearly $300 million inflows from Rex Osprey’s Solana Staking ETF (SSK).
- Increased staking participation boosts network security as stakeholders opt to lock assets despite a 5% price dip.
Solana Price Analysis:
- Solana trades at $236.82, down 4.33%, below the critical $240 support level.
- The MACD remains bullish, though market activity appears weak.
- Trading volume on Binance dropped 27% to $711 million, suggesting potential for a rebound if support emerges.
- A sustained $240 support may lead to a rebound towards $250; however, a drop below $235 could push prices towards the 30-day SMA of $214.