What happened? Helius plans to acquire at least 5% of Solana, a stake worth over $6 billion, and aims to list in Hong Kong within months.
Helius, a digital asset treasury firm led by Joseph Chee, transformed from a healthcare tech company after raising $500 million to build a Solana treasury. The firm says it will start buying SOL once market-cap and regulatory conditions are in place and is targeting a second listing in Hong Kong within about six months. Helius is partnering with the Solana Foundation and joins a small but growing group of DATs that are accumulating SOL.
Who does this affect? SOL holders, DAT investors, crypto institutions, and Asian markets could feel the impact.
Existing Solana holders may see price effects from large-scale accumulation and increased demand. Investors in DATs, traditional asset managers, and institutional buyers are affected because this shows a playbook for turning corporate treasuries into major crypto buyers. Hong Kong exchanges and regional crypto ecosystems could gain attention as Helius plans a local listing and deeper ecosystem collaboration.
Why does this matter? A buy of this scale could push Solana’s price higher, change liquidity dynamics, and reshape how institutional money flows into crypto.
Buying 5% of SOL would create significant upward pressure on price and could reduce circulating supply available to the market. DATs often trade at a premium to NAV, so large treasury moves can amplify market sentiment and drive arbitrage between tokens and treasury stocks. A Hong Kong listing and institutional backing could bridge more traditional capital to Solana, increase developer interest, and invite closer regulatory scrutiny.