HSDT.NASDAQHelius Medical Technologies, INC

SCHEDULE: Pantera Capital Discloses 9.67% Stake in Helius Medical

Sentiment:

Beneficial Ownership Disclosure

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Pantera Capital and its founder Daniel W. Morehead have disclosed a significant 9.67% beneficial ownership stake in Helius Medical Technologies, Inc., including common stock and pre-funded warrants.

Capital raiseThe Issuer received aggregate gross proceeds of over $500 million from the transaction described in Item 3.The Funds acquired shares and pre-funded warrants for approximately $119,986,443.32 as part of this transaction.The net proceeds are intended for purchasing SOL cryptocurrency and for working capital and general corporate purposes.

Summary

  • Pantera Capital and Daniel W. Morehead collectively beneficially own 3,897,319 shares of Helius Medical Technologies, Inc. Class A Common Stock.
  • This represents approximately 9.67% of the 40,295,612 shares outstanding as of September 24, 2025.
  • The acquisition by Pantera Funds included 3,887,319 shares of Common Stock and pre-funded warrants to purchase 13,552,006 shares, for an aggregate purchase price of approximately $119,986,443.32.
  • Daniel W. Morehead individually purchased 10,000 shares on the open market for approximately $166,218.
  • The Issuer (Helius Medical Technologies, Inc.) intends to use the net proceeds from the overall transaction (over $500 million gross proceeds) to purchase SOL cryptocurrency and for general corporate purposes.

Sentiment

Score: 7

Explanation: The filing discloses a substantial investment by Pantera Capital and its founder, indicating investor confidence. Helius Medical Technologies also secured over $500 million in gross proceeds, providing significant capital. The strategic decision to invest in SOL cryptocurrency, while potentially high-risk, could also offer substantial upside if successful.

Positives

  • Significant investment by a prominent capital firm (Pantera Capital) and its founder, potentially signaling confidence in Helius Medical Technologies.
  • The Issuer received substantial gross proceeds (over $500 million) from the overall transaction, providing significant capital for strategic initiatives.
  • The Issuer plans to use proceeds for purchasing SOL, indicating a strategic move into the blockchain/crypto space, and for general working capital.

Future Outlook

The Issuer intends to use the net proceeds from the transaction, which generated over $500 million in gross proceeds, to purchase SOL, the native cryptocurrency of the Solana blockchain, and for working capital and general corporate purposes. The Reporting Persons currently have no additional plans or proposals but may change their investment purpose or formulate different plans in the future.

Industry Context

This filing indicates a significant investment by a prominent capital firm, Pantera Capital, known for its focus on blockchain and cryptocurrency, into a medical technology company. The stated use of proceeds by Helius Medical Technologies to acquire SOL cryptocurrency suggests a strategic pivot or diversification into the digital asset space, which is an emerging trend for companies seeking to leverage blockchain technology or capitalize on crypto market opportunities, potentially blurring traditional industry lines between med-tech and digital assets.

Stakeholder Impact

  • Shareholders: Potential positive impact from a significant institutional investment and substantial capital infusion. Potential impact from the company's strategic move into cryptocurrency.
  • Company (Helius Medical Technologies, Inc.): Strengthened financial position with over $500 million in gross proceeds, enabling strategic initiatives and general corporate purposes.

Next Steps

  • The Issuer intends to use net proceeds to purchase SOL and for working capital and general corporate purposes.
  • Reporting Persons may change their investment purpose or formulate different plans regarding their investment in the Issuer at any time.

Key Dates

DateDescription
09/15/2025Date of Subscription Agreement between Issuer and Funds.
09/18/2025Closing date of the transaction where Funds acquired shares and warrants.
09/23/2025Date Daniel W. Morehead purchased 10,000 shares on the open market.
09/24/2025Date for which 40,295,612 Common Shares outstanding were confirmed by the Issuer's transfer agent.
09/25/2025Date of the Joint Filing Agreement and filing date of this Schedule 13D.

Recommendation

hold

The significant investment by Pantera Capital and the substantial capital raise of over $500 million are positive indicators of investor confidence and financial strengthening for Helius Medical Technologies. However, the stated intention to use proceeds to purchase SOL, a volatile cryptocurrency, introduces a new and potentially high-risk strategic direction. This pivot requires careful monitoring of execution and market performance, making a 'hold' recommendation appropriate until further clarity on the impact of this strategy is available.

Keywords

Helius Medical Technologies, Pantera Capital, Daniel Morehead, Schedule 13D, beneficial ownership, common stock, pre-funded warrant, SOL, Solana, cryptocurrency, investment, equity stake

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