Four Pharma Firms Ditched Medicine Development And Dived Into Crypto

Helius Medical Technologies is the latest medical company to pivot to a digital asset treasury, making it the fourth firm to take a similar step in recent months.

These firms increasingly consider crypto investments a viable alternative to generate the growth their main drug development efforts have struggled to provide.

Helius Trades Neurotech for Solana

Helius Medical Technologies officially rebranded as Solana Company this week, becoming the latest medical corporation to pivot its corporate strategy to focus on acquiring digital assets.

Originally a neurotech medical device company, Helius focused on treating different neurological deficits. Its recent name change suggests a strategic shift from its original focus toward an alignment with the Solana blockchain.

As part of this rebranding, Helius is creating a Digital Asset Treasury (DAT) centered around purchases of SOL, the Solana native token. The move follows a recent raise of $500 million dedicated to funding this cryptocurrency treasury strategy. 

As part of its rebranding, the Solana Company signed a non-binding letter of intent with the Solana Foundation. It committed itself to running all its blockchain activities exclusively on Solana.

This agreement also allows the company to purchase SOL tokens at a discounted rate from the Foundation.

The strategy aims to leverage benefits like SOL’s yield-bearing mechanism to maximize returns on its crypto holdings.

Helius isn’t the first medical-focused company to rebrand itself to buy crypto.

A Look at the Growing Pharma-to-Crypto Trend

Following Helius this year, three additional healthcare and pharmaceutical companies have rebranded themselves as digital asset treasuries.

These corporations increasingly adopt cryptocurrency strategies to generate growth that their core drug development businesses have struggled to deliver.

Last week, TNF Pharmaceuticals, a clinical-stage research company, announced a complete strategic pivot and rebrand to Q/C Technologies. Its core business now revolves around using quantum-class computing, specifically targeted at cryptocurrency infrastructure development. 

Earlier this month, MEI Pharma, a biotech firm primarily focused on developing oncology drug candidates, changed its name to Lite Strategy. The company also secured over $100 million in Litecoin and adopted it as its primary treasury reserve asset.

The pivot was precipitated by the fallout from a failed merger in 2023 and a subsequent company-wide strategic review in 2024.

Litecoin’s creator, Charlie Lee, who joined the company’s board, advised rebranding to Lite Strategy. The company now frames its mission around providing compliant exposure to Litecoin.

In August, regional healthcare provider Kindly MD completed a merger with Nakamoto Holdings, a Bitcoin-native holding company.

Though the company kept its original name, it shifted its primary mission to establish an institutional-grade Bitcoin treasury with an ambitious, long-term goal of acquiring one million BTC.