Solana Digital Treasury-Pantera and Summer Capital Bets Big on Solana with $1.25 Billion

Key Insights

• Pantera and Summer Capital raise $1.25 billion to turn Helius Medical Technologies into a Solans Digital Treasury.

• Helius Medical secured $500 million and $750 million in warrants to purchase and hold Solana.

Helius Medical Technologies, a neurotechnology firm, is making headlines after announcing plans to pivot into the digital asset space with a massive $1.25 billion raise dedicated to Solana (SOL). The company revealed on Monday that it had secured $500 million in capital upfront, with an additional $750 million in warrants earmarked for future Solana purchases.

This bold shift underscores how even companies outside the traditional blockchain sector are embracing the digital asset treasury (DAT) model, where publicly traded firms stockpile cryptocurrency as a core strategy.

Solana Digital Treasury corporate backers

The raise attracted support from some of the most influential names in crypto and finance. Pantera Capital, one of the largest venture capital firms in the industry with over $5 billion in assets under management, co-led the funding round alongside Summer Capital, a Hong Kong–based firm. Other participants included FalconX, Animoca Brands, and Laser Digital, the crypto investment arm of Japan’s Nomura Bank.

The deal will also bring sweeping changes to Helius’s leadership. Joseph Chee, founder and chairman of Summer Capital, is set to become chairman of the company’s board. Cosmo Jiang, general partner at Pantera Capital, will join as a director, while Pantera founder and CEO Dan Morehead will serve as a board advisor. This alignment of financial and strategic expertise strengthens Helius’s position as it transforms into a Solana-focused treasury vehicle.

Jiang is optimistic about the project’s potential, stating in an interview:

“We believe we have the right setup to be the leading, if not, at least one of the two or three, but certainly the leading, Solana DAT.”

Riding the Digital Asset Treasury Wave

Helius’s pivot comes amid a broader surge in the DAT model. This strategy was first popularized by MicroStrategy (now rebranded as Strategy) in 2020 when founder Michael Saylor added Bitcoin to the firm’s balance sheet. The move turned the company into a de facto Bitcoin proxy stock, with its share price often moving in tandem with BTC’s volatility.

Since then, the approach has been copied by a growing list of public companies looking to give investors indirect exposure to cryptocurrencies. In 2025 alone, more than 209 firms have announced plans to raise over $145 billion for crypto treasury strategies, according to data from Architect Partners.

Some of these treasuries focus on mainstream assets like Bitcoin and Ethereum. For example, Bitmine has become the largest Ethereum Treasury company, as reported by EMCryptohub. In contrast, others have taken bets on more niche cryptocurrencies, including XRP, Dogecoin, and even tokens tied to political figures.

Why Solana?

Solana has been gaining attention as one of the fastest and most efficient blockchain networks, supporting thousands of transactions per second at low cost. Its ecosystem of decentralized finance (DeFi), NFTs, and scalable applications has made it a top competitor to Ethereum.

By concentrating its DAT strategy around Solana, Helius and its backers are betting on the blockchain’s continued growth and adoption. The structured deal $500 million upfront and another $750 million in potential future funding allows flexibility and speed in building a sizable treasury. Solana's digital treasury will be a game-changer for the altcoin.

As Jiang explained, starting with a moderate size provides room for expansion:

“We’d much rather start with a moderate size so that we can really go out to market and grow very quickly, rather than start too big and then have a harder time growing on a percentage basis.”

Opportunities and Risks Ahead

Supporters of the DAT trend argue that these vehicles give traditional investors a way to gain exposure to digital assets without directly holding tokens or navigating crypto exchanges. In Helius’s case, buying its shares could provide exposure to Solana in much the same way that MicroStrategy shares became a proxy for Bitcoin.

Critics, however, warn that the strategy could prove risky, especially in the volatile crypto markets. Just as these treasuries can outperform in bull cycles, they may face sharp drawdowns in downturns. Still, with seasoned investors like Pantera and Summer Capital backing the move, Helius is well-positioned to capture market attention.

Velocity Over Scale

Helius’s plan emphasizes not only scale but also speed. The $500 million already secured provides the company with a strong starting point, while the $750 million in warrants gives it the necessary firepower to ramp up its holdings quickly. This “one-two punch” is designed to accelerate growth and secure a leading position among Solana-focused treasuries.

As the crypto market matures and regulatory clarity improves, more companies may adopt similar treasury strategies. Whether Helius’s Solana bet becomes the next MicroStrategy-style success story remains to be seen. Still, it has already secured a spot in the growing movement of publicly traded digital asset treasuries.