$167 Million in Solana Bagged By Major Tech Giant, What's Coming?

A few days after Pantera-backed Helius Medical announced plans to adopt a digital asset treasury strategy focused on accumulating SOL, the company has made its first major purchase, according to a CoinMarketCap report today.

For the first time, the medical device company has purchased over 760,000 Solana, worth about $167 million, at an average price of $231 per SOL. The move marks its first step toward building the previously announced $500 million Solana treasury.

Following the firm’s decision to heavily bet on the sixth-largest cryptocurrency by market capitalization, investors have expressed optimism about Solana’s price potential amid growing institutional adoption.

Helius Medical further revealed that the vision behind the treasury launch is not only to hold Solana long-term, but also to explore opportunities in staking and decentralized finance (DeFi) to put its tokens to work.

With its sights set on further SOL accumulation in the near future, Helius Medical reports holding over $335 million in cash reserves allocated to the execution of its digital asset strategy.

Solana retrieves $220 mark

Amid the broader crypto market downturn, Solana’s price fell sharply, recording an intraday low of $212.80 on Tuesday, September 23rd.

While Solana experienced a heavier decline the previous day, with its price dropping over 6%, it has shown steadier price action today, flashing signals of a potential recovery after reclaiming the $220 level.

Market watchers remain largely unfazed by the ongoing downturn, anticipating a major rally in the near term, particularly for Solana.

Solana continues to attract institutional interest thanks to its robust infrastructure for large-scale business use. Its momentum is not solely driven by speculation but also by real-world adoption and expanding use cases.

In recent weeks, Solana has made significant strides in the DeFi ecosystem as users increasingly stake funds within its network amid surging engagement.

Boasting speed, low fees, and scalability, Solana enables investors to maximize returns through regular spot trading as well as exclusive DeFi opportunities, including lending, building, and staking.