Helius Solana Acquisition and Hong Kong Acquisition: Key Details

Helius Medical Technologies is planning to bolster its SOL reserves, potentially acquiring at least 5% of the cryptocurrency. Following this Solana acquisition announcement, the token has seen a significant surge, rebounding from its recent lows.

The company has also announced plans for its expansion into Hong Kong, which underscores its broader vision of solidifying its position in the international crypto space. According to Joseph Chee, the Executive Chairman of Helius, Hong Kong is lined up as the second listing location, subject to fulfilling market value and regulatory prerequisites.

Helius Eyes Solana Acquisition, Plans to Buy 5%

In an interview with a local newspaper , Joseph Chee announced Helius’ plans to purchase a minimum of 5% of SOL. The firm has already purchased 760,190 coins as part of establishing a $500 million Solana Treasury company .

On September 29, Helius announced its rebranding to Solana Company, with the firm’s ticker symbol, HSDT, remaining unchanged. The CEO noted, “The decision to change our name underscores our commitment to Solana’s growth and potential.” Also, the team announced a collaboration with the SOL Foundation to promote and expand the ecosystem through co-hosted events, institutional roundtables, and participation in foundation-led initiatives.

Addressing the platform’s Solana acquisition plans, Helius board head Zhu Junwei noted that the market currently underappreciates the crypto, citing limited decentralized applications (dApps) and the absence of spot ETFs in the US. However, he elaborated that its transaction processing capacity far exceeds Ethereum's, with over 1,500 transactions per second (TPS), a stark contrast to Ethereum's double-digit throughput. He added,

“Tom Lee (a Wall Street strategist known for his support of Ethereum) often says that large financial institutions, stablecoins, and payment companies are all built on Ethereum. He's not wrong, but he fails to mention that many of these institutions have built applications based on blockchains like SOL and Avalanche."

Token Price Surges

Following this SOL acquisition announcement, the SOL token saw a notable uptrend, effectively recovering from its recent downturn. At press time, the altcoin is trading at $226.80, up 1.64% in a day, 1.68% in a week, and 5.48% in a month. Earlier today, the crypto rose to a high of $229, marking a surge of about 5%. Although it dipped from this level, it is still maintaining the bullish momentum.

Hong Kong Lis ting

"Maybe in six months (to meet the requirements), we will come here (Hong Kong) as soon as possible,” noted Joseph Chee. The CEO hinted at the project’s potential listing in the Special Administrative Region of China.

The Chairman stated Hong Kong is set to be the next listing destination, pending the fulfillment of market value and regulatory requirements. This highlights the company’s broader objective of expanding its presence in the global cryptocurrency market.