Helius Medical Technologies (HSDT) announced on Monday it’s raising more than $500 million in a private financing round to create a Solana-focused treasury company.

The vehicle will hold SOL, the native token of the Solana blockchain, as its reserve asset and aims to expand to more than $1.25 billion via stock warrants tied to the deal, the press release said.

The financing was led by Pantera Capital and Summer Capital, with participation from investors including Animoca Brands, FalconX and HashKey Capital.

Shares of the firm rallied over 200% above $24 in pre-market trading following the announcement. Solana was down 4% over the past 24 hours.

The firm is joining the latest wave of new digital asset treasuries, or DATs, with public companies pivoting to raise funds and buy cryptocurrencies like bitcoin (BTC), ether (ETH) or SOL.

Helius is set to rival with the recently launched Forward Industries (FORD) with a $1.65 billion war chest backed by Galaxy Digital and others. That firm confirmed on Monday that has already purchased 6.8 million tokens for roughly $1.58 billion last week.

Helius’ plan is to use Solana’s yield-bearing design to generate income on the holdings, earning staking rewards of around 7% as well as deploying tokens in decentralized finance (DeFi) and lending opportunities. Incoming executive chairman Joseph Chee, founder of Summer Capital and a former UBS banker, will lead the firm’s digital asset strategy alongside Pantera’s Cosmo Jiang and Dan Morehead.

“As a pioneer in the digital asset treasury space, having participated in the formation of the strategy at Twenty One Capital (CEP) with Tether, Softbank and Cantor, Bitmine (BMNR) with Tom Lee and Mozayyx as well as EightCo (OCTO) with Dan Ives and Sam Altman, we have built the expertise to set up the pre-eminent Solana treasury vehicle,” Cosmo Jiang, general partner at Pantera Capital, said in a statement.

“There is a real opportunity to drive the flywheel of creating shareholder value that Michael Saylor has pioneered with Strategy by accelerating Solana adoption,” he added.

Read more: Solana Surges as Galaxy Scoops Up Over $700M Tokens From Exchanges