Helius.dev CEO Mert Mumtaz Clarifies No Involvement in Helius Medical Technologies' $500M Solana Treasury, Underscores Misunderstood Privacy Market

Mert Mumtaz, co-founder and CEO of Solana development platform Helius.dev, recently addressed widespread confusion regarding his company's alleged involvement in Helius Medical Technologies' announcement of a $500 million Solana treasury. Mumtaz publicly clarified his detachment from the medical device firm's crypto venture, stating, "I'm sidelined," in a tweet that quickly garnered attention. This statement came amidst a surge in Helius Medical Technologies' stock following their significant capital raise for Solana accumulation.

The confusion arose after Helius Medical Technologies, a publicly traded entity, announced a $500 million private placement in public equity (PIPE) to establish a Solana treasury, leading to a 141% stock pump. Many observers mistakenly linked this development to Mumtaz's Helius.dev, a prominent infrastructure provider for the Solana ecosystem. Mumtaz explicitly stated on social media, "I am not involved, neither is Helius Labs nor Helium nor Helio nor Heliux nor Helicopter," highlighting the coincidental name similarity.

Beyond clarifying his company's non-involvement, Mumtaz's tweet also contained a pointed critique of the broader blockchain industry's perception of privacy, asserting, "you've deeply misunderstood the TAM of privacy." This comment reflects his long-standing advocacy for privacy as a fundamental pillar of crypto's future. He has previously voiced strong opposition to Central Bank Digital Currencies (CBDCs), viewing them as a threat to financial privacy and sovereignty due to their potential for government surveillance.

Mumtaz has consistently championed advancements in zero-knowledge (ZK) proofs, Fully Homomorphic Encryption (FHE), and Multi-Party Computation (MPC) as crucial for developing privacy-preserving systems within the crypto landscape. He frequently discusses how these technologies are transforming usability and addressing regulatory challenges. His company, Helius.dev, founded in 2022, provides essential API-based blockchain development tools for the Solana network, supporting its growth and scalability.