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NEWTOWN, Pa. - Solana Company (NASDAQ:HSDT), formerly Helius Medical Technologies, announced Friday it has established custody agreements with Coinbase, BitGo and Anchorage Digital as part of its strategy to accumulate SOL, the native asset of the Solana Network. The company, with a market capitalization of $665 million, has shown strong momentum recently with a positive three-month return, according to InvestingPro data.
The company, which positions itself as a SOL-focused treasury, is implementing these custodial relationships to enhance security for its digital asset holdings.
"These custodial relationships strengthen HSDT’s ability to support the Solana ecosystem at scale," said Joseph Chee, Executive Chairman of HSDT and Chairman of Summer Capital, according to the company’s press release.
Cosmo Jiang, General Partner at Pantera Capital and Board Observer at HSDT, described the custody framework as significantly strengthening the foundation for the company’s strategy.
The company noted that Solana processes more than 3,500 transactions per second and has approximately 3.7 million daily active wallets. According to the announcement, the network has surpassed 23 billion transactions year-to-date.
HSDT stated that SOL offers approximately 7% native staking yield, which the company contrasted with non-yield-bearing assets like Bitcoin.
The company described its mission as supporting the growth and security of tokenized networks through long-term holding of SOL, while continuing to develop its neurotech and medical device operations.
Solana Company was created in partnership with Pantera and Summer Capital, according to information provided in the press release.
In other recent news, Helius Medical Technologies, now rebranded as Solana Company, has submitted a 510(k) application to the U.S. Food and Drug Administration for its Portable Neuromodulation Stimulator device, aimed at treating gait and balance deficits in patients with chronic stroke symptoms. This application is backed by data from the company’s Stroke Registrational Program, showing significant improvements in clinical trials. Additionally, the company has completed a $500 million private placement offering to establish a digital asset treasury strategy focused on acquiring SOL, the native cryptocurrency of the Solana blockchain. This financing effort was led by Pantera Capital and Summer Capital, with participation from several other investors. Furthermore, Helius has priced an oversubscribed private investment in public equity offering, potentially delivering over $1.25 billion in capital if all stapled warrants are exercised. This strategic shift indicates Helius’s pivot towards becoming a Solana blockchain-focused treasury vehicle. The company’s recent developments reflect significant changes in its operational and financial strategies.
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