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Solana Treasury Firm Upexi Raises $200 Million Funding

Consumer products company Upexi (UPXI) announced Friday it raised a total of $200 million to bolster its treasury holding in SOL cryptocurrency.

• The funding will be allocated towards business operations and acquiring additional SOL.
• Proceeds are expected to come from a combination of a $50 million equity offering and a $150 million convertible note sale, both scheduled to close next week.

Shares of UPXI traded up nearly 8% on Friday following the announcement.

The $150 million convertible note offering will involve purchasing SOL from investors at prevailing prices, which will form collateral until conversion or repayment. Upon completion, Upexi’s treasury SOL holdings could surpass 1.6 million tokens, valued at approximately $270 million.

This anticipated treasury size would more than double Upexi’s holdings compared to its current amount and position it ahead of other publicly traded Solana treasuries, potentially reaching nearly twice the amount held by DeFi Development Corporation (DFDV).

The latest funding move follows a significant stock price increase earlier this year after an initial $100 million capital raise was announced last April, which saw UPXI shares surge over 300% before cooling substantially.

Friday’s stock performance was relatively modest compared to prior volatility. Through the day, UPXI shares climbed ~7.8%.

Market Context

Solana (SOL) trading at $164.29 experienced modest gains, aligning with a broader crypto market recovery.