Upexi Inc.’s shares soared more than 630% on April 21 after the Nasdaq-listed company announced plans to build a Solana (SOL)-based crypto treasury using newly raised funds.
The $100 million private investment in public equity (PIPE) was anchored by GSR, a leading crypto trading and investment firm, and included backing from Maelstrom Capital, Delta Blockchain Fund, Delphi Ventures, Hivemind Ventures, Borderless Capital, and White Star Capital.
The move marks a significant pivot into digital asset management for the firm, which is known for specializing in the development, manufacturing, and distribution of consumer products.
Institutional push into Solana
Upexi’s stock jumped from $2.30 at the close on April 17 to $16.79 on April 21 after the company disclosed that over 90% of the raise will be allocated toward accumulating and staking Solana (SOL), the native token of the high-performance blockchain.
The company said the strategy aims to generate long-term appreciation and yield for shareholders, emulating other publicly traded firms that have adopted crypto-based treasury models.
GSR said the move highlights growing institutional interest in high-performance blockchains and the convergence of traditional finance with digital assets.
GSR head of research Brian Rudick said:
“Solana’s speed, scalability, and vibrant developer ecosystem make it an ideal foundation for long-term growth.”
Jakob Palmstierna, GSR President, described the investment as part of the firm’s broader mission to support builders and protocols with capital, liquidity, and long-term guidance. The raise was completed via the sale of roughly 44 million shares of common stock at $2.28.
Solana Foundation President Lily Liu welcomed the move, calling it “a signal of how traditional finance and DeFi are starting to intersect.”
Solana joins corporate treasury trend
Upexi is among a small but growing group of publicly traded companies integrating Solana into their treasury strategies. Earlier this month, Janover Inc., newly helmed by former Kraken executives, disclosed a $10.5 million Solana acquisition.
The approach draws parallels to Strategy, which began accumulating Bitcoin (BTC) in 2020 and catalyzed a broader corporate movement into digital assets. However, most firms remain focused on Bitcoin, making Upexi’s Solana-centric strategy relatively unique.
Solana has emerged as one of the biggest winners in the latest market cycle, thanks to its low transaction costs, high throughput, and rising developer activity. Its ecosystem spans everything from memecoins to decentralized infrastructure, making it an attractive treasury asset for companies seeking exposure to blockchain-based growth.
Despite a 34.8% year-over-year decline in profits to $3 million in the fourth quarter of 2024, Upexi’s strategic pivot has reenergized investor interest. The stock’s explosive rally indicates Wall Street’s appetite for crypto-integrated business models.
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