Helius Medical Technologies, Inc. ( HSDT ) rallied in Monday's after-hours trading after announcing a Solana (CRYPTO: SOL) purchase worth $175 million.

Helius Medical Kickstarts SOL Treasury Play

The stock popped over 8% in after-hours, reversing its losses during the regular trading session. 

Helius Medical ( HSDT ) set its digital asset treasury strategy into motion, purchasing 760,000 SOL at an average price of $231, totaling $175.60 million.

The neurotech company said it holds in excess of $335 million of cash, which it plans to allocate toward future purchases.

See Also: Solana Meme Coin Mew Secures Binance.US Listing

Wall Street Is Piling On Solana

The acquisition comes a week after digital asset manager Pantera Capital and venture capital firm Summer Capital announced over $500 million in funding to Helium Medical through a private investment in public equity offering. 

The action comes amid an intensifying competition among Wall Street-listed firms to add SOL, a $117-billion market cap cryptocurrency, to their reserves.

Forward Industries Inc. ( FORD ) and DeFi Development Corp. ( DFDV ) are currently the market leaders, with a stash totaling $1.46 billion and $451.39 million, respectively, according to CoinGecko.

Price Action: At the time of writing, SOL was exchanging hands at $215.95, down 6.85% in the last 24 hours, according to data from Benzinga Pro.

Helius Medical ( HSDT ) shares popped 8.55% in after-hours trading after closing 33.61% lower at $16.02  during Monday's regular trading session. The stock has soared 157% over the last month.

As of this writing, the stock exhibited a very low growth score — a measure of the stock’s combined historical expansion in earnings and revenue across multiple periods. How does it compare with Strategy Inc. ( MSTR ) , the pioneer of cryptocurrency treasury play? Visit Benzinga Edge Stock Rankings to find out.

Read Next: 

DeFi Development Strikes ZeroStack Deal To Drive Solana Into Decentralized AI