Helius Medical Stock Pops 8.5% After Hours On Solana Treasury Purchases

Helius Medical Technologies, Inc. (NASDAQ:HSDT) rallied in Monday's after-hours trading after announcing a Solana (CRYPTO: SOL) purchase worth $175 million.

Helius Medical Kickstarts SOL Treasury Play

The stock popped over 8% in after-hours, reversing its losses during the regular trading session.

Helius Medical set its digital asset treasury strategy into motion, purchasing 760,000 SOL at an average price of $231, totaling $175.60 million.

The neurotech company said it holds in excess of $335 million of cash, which it plans to allocate toward future purchases.

Wall Street Is Piling On Solana

The acquisition comes a week after digital asset manager Pantera Capital and venture capital firm Summer Capital announced over $500 million in funding to Helium Medical through a private investment in public equity offering.

The action comes amid an intensifying competition among Wall Street-listed firms to add SOL, a $117-billion market cap cryptocurrency, to their reserves.

Forward Industries Inc. (NASDAQ:FORD) and DeFi Development Corp. (NASDAQ:DFDV) are currently the market leaders, with a stash totaling $1.46 billion and $451.39 million, respectively, according to CoinGecko.

Price Action: At the time of writing, SOL was exchanging hands at $215.95, down 6.85% in the last 24 hours, according to data from Benzinga Pro.

Helius Medical shares popped 8.55% in after-hours trading after closing 33.61% lower at $16.02 during Monday's regular trading session. The stock has soared 157% over the last month.

As of this writing, the stock exhibited a very low growth score — a measure of the stock’s combined historical expansion in earnings and revenue across multiple periods. How does it compare with Strategy Inc. (NASDAQ:MSTR), the pioneer of cryptocurrency treasury play? Visit Benzinga Edge Stock Rankings to find out.