Helius raised $500 million to buy SOL, but the Solana community now just wants it to change its name

Author｜Azuma (@azuma_eth)

Digital asset treasury companies focusing on Solana (SOL) are emerging in large numbers.

Following Forward Industries’ completion of a $1.65 billion financing round and its rapid purchase of 6.82 million SOLs, Helius Medical Technologies (HSDT), a US-listed company, completed another $500 million in private equity financing on September 15th to transform itself into a SOL treasury company. The financing was led by Pantera Capital and Summer Capital. The financing terms included the sale of common stock at $6.881 per share and the sale of accompanying warrants at $10.134 per share. If all the warrants are exercised, the total amount raised is expected to exceed $1.25 billion.

• Odaily Note: For details, see ” $1.6 billion purchase followed by $1.25 billion, where is the ceiling of the SOL reserve strategy? “

However, compared to the Solana community’s enthusiasm for Forward Industries, the community’s discussion around Helius is somewhat awkward.

The problem lies in the name of Helius – long before this Helius transformed into the SOL treasury company, there was another Helius in the Solana ecosystem. This Helius is the largest infrastructure development company in the Solana ecosystem. Its CEO 0xmert can be said to be the most active developer in the entire Solana ecosystem (personally, I think the “one of” can be omitted). Not only has he played the role of a voice leader in the Solana community for many years, but he has also played a key role in many key upgrades or maintenance nodes in Solana’s history.

After the official announcement of the treasury company Helius, the first reaction of many community users who were unaware of the details was that the treasury should be led by the infrastructure company Helius, but this is not the case.

0xmert himself responded on X to say he had nothing to do with the incident: “Personal statement: Seriously, I have nothing to do with this – the name overlap is just a coincidence. The universe is just playing tricks on me. I reiterate that I am not involved in this, whether it is Helius, Helium, Helio, Heliux or Helicopter. ”

Subsequently, the “coincidence” of the two companies’ names quickly became a hot topic of discussion in the Solana community, with the community hotly debating whether this was “forced reputation-riding” or “pure coincidence.”

• Deep Ventures investor Mike Chan directly called out Pantera, saying, “Why did you choose this name when everyone knows that the most famous Solana infrastructure company is called Helius? Didn’t you consult 0xmert about this? This is very strange.”
• Mister Todd, an international influencer, commented on Pantera founder Dan Morehead’s post: “It’s incredible you chose the name Helius to emulate 0xmert’s work. I believe these shell company middlemen could have had more options. I hope this will ultimately benefit Helius’s development, as their work is crucial to the Solana ecosystem.”
• Solana developer korg.sol quipped, “Let’s just call everything Helius from now on so there’s no confusion.”
• NickyScanz, a member of the Marinade Finance team, followed up by saying, “When I launch my own Solana company, I’m going to name it Helius. You can’t stop me.”
• Ranger developer Dhrumil also mentioned: “My next company will also be named Helius, so I joined for free.”

Obviously, judging from the statements of many community members, the Solana community as a whole is not satisfied with the “name-duplicate” operation of the treasury company Helius. After all, the reputation of the infrastructure company Helius in the Solana ecosystem in the past is obvious to all .

Although some people say that this is purely coincidental and that Pantera and other institutions may have chosen Helius as a treasury shell simply because it is the most convenient operation object among listed companies from a financial perspective, in theory they are exactly like some other treasury companies (such as Justin Sun changing SRM Entertainment to Tron) and announced in advance in the financing announcement that they will change their name in order to avoid potential confusion, but in fact they did not do so.

Last night, Mike Dudas, co-founder of The Block and founder of 6 MV, publicly called on the Solana community to force the treasury company Helius to change its name. “GM, except for those smart-aleck guys. They established a SOL treasury company called Helius yesterday, but they didn’t know that Solana’s largest infrastructure development company has already been called this name. This morning, I will officially launch the action to force this DAT to change its name. Everyone, join us! ”

Below Mike Dudas, many people, including Compound founder Robert Leshner, expressed their support, but the most interesting statement came from Solana co-founder Raj (Raj Gokal) – “We always say we hope to see more teams like Helius, it seems that we can no longer just wish for it…”

As one of the two founders of Solana, Raj undoubtedly represents the attitude of the top management of Solana, and his subtle expression more or less shows his dissatisfaction with the “duplicate name” of the treasury company Helius.

Looking ahead, it is not ruled out that the treasury company Helius will change its company name in order to cater to community sentiment (of course, it may also insist on not changing it). However, whether this operation that loses the community’s favor right from the start will have a greater impact at a time when competition in the treasury field is becoming increasingly competitive, it will take time to answer.

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