Solana Company builds $530 million SOL war chest amid growing corporate adoption

Nasdaq-listed Solana Company, formerly Helius Medical Technologies, said Monday it has accumulated more than 2.2 million SOL tokens as part of its digital asset treasury strategy .

At current prices of $234 per SOL according to The Block Price data , the firm's Solana holdings and cash reserves now near $530 million, more than the total gross proceeds from its September private placement.

"Following in the footsteps of Michael Saylor at MSTR and Tom Lee at BMNR, HSDT Solana Company is focused on maximizing shareholder value by efficiently accumulating Solana," said Cosmo Jiang, general partner at Pantera Capital and board observer at HSDT.

Executive Chairman Joseph Chee added that institutional interest, particularly in Asia following recent digital asset conferences, has been stronger than expected.

The company’s approach positions it alongside a growing list of publicly traded firms treating Solana as a balance-sheet asset .

VisionSys announced its own Solana treasury initiative last week in partnership with staking protocol Marinade Finance, while Forward Industries has pledged $1.65 billion to a new Solana vehicle backed by Galaxy Digital, Jump Crypto, and Multicoin Capital. Other listed firms, including DeFi Development Corp., Sol Strategies, and Upexi , have also disclosed Solana holdings.

The moves come as institutional products expand beyond bitcoin and ether. On Monday, Grayscale enabled staking for its Ethereum ETFs and its Solana trust, a step that could pave the way for one of the first spot Solana ETFs in the U.S.