Solana Company (HSDT), formerly Helius Medical Technologies, plans to tokenize its shares on Superstate's Opening Bell regulatory platform, the SOL-focused financial firm announced on Wednesday.
HSDT investors will be able to:Solana Company said in a statement that “holding and transferring a tokenized representation of the company's shares at the opening bell will provide 24-hour access to trading and real-time payments. The shares will maintain the current regulatory structure and investor protections.” The opening bell allows companies to move their shares on-chain.
“The tokenization of HSDT through Superstate is a major step towards realizing the vision of a global 24-hour capital market, and we believe the majority of that activity will take place on Solana,” said Cosmo Jiang, Solana board member and general partner at venture capital giant Pantera Capital.
Mr. Pantera co-led Solana's $500 million private equity public investment (PIPE) financing, which closed in September. The cryptocurrency-focused venture capital giant, which has invested heavily in government bonds in recent months, reportedly intends to raise $1.25 billion for Solana Company, which trades on the Nasdaq and rebranded from Helius in late September. Mr. Pantera was also an early investor in Superstate.
Other publicly traded financial companies have also taken note of tokenization efforts, including Ethereum Treasury FG Nexus last month. announced Partner with Securitize to tokenize your shares. In September, Forward Industries, Solana's largest financial company, was also announced Intent to tokenize shares.
Financial companies that follow a Bitcoin-focused strategic model have faced challenges amid market volatility in recent months.
Last month, in an aggressive move that could test confidence in the strategy, Solana Company completed a resale registration, giving private investors the right to sell shares related to its digital asset treasury pivot. of filing unlocked previously restricted shares from a September funding round, allowing early backers to offload their positions, causing a sharp decline in HSDT stock.
HSDT stock was up nearly 2% on Wednesday, trading at $5.26, but has fallen about 64% over the past month, according to Yahoo Finance.
According to crypto data provider CoinGecko, Solana was recently trading at around $152, down 3.4% in the past 24 hours, following a significant drop in the crypto market on Wednesday. SOL has fallen about 22% over the past two weeks.
In a myriad of prediction markets, nearly 90% of respondents do not expect Solana to break its current high of $294.33 by the end of the year. (Disclaimer: Myriad is a division of Dastan, the parent company of editorially independent companies. decryption. )
