In short
- Publicly traded consumer products firm Upexi announced a$ 100 million funding round on Monday.
- The money will primarily be used to create and power a Solana bank reserve.
- Stocks in Upexi skyrocketed Monday, finishing the morning up 335 %.
Publicly traded company Upexi plans to create a Solana corporate treasury, using more than$ 90 million worth of newly raised funds. The Monday news sent Upexi stocks skyrocketing, more than doubling in value as a result.
The Nasdaq-listed consumer products firm, which has been diversifying into the crypto space, raised$ 100 million in its latest funding round, the company said Monday in a press release. Around 95 % of those resources are earmarked for establishing, filling and operating a fresh Solana-based government supply.
GSR led the funding round, with participation from some crypto companies, including Delta Blockchain Fund, Delphi Ventures, and Hivemind, as well as several god owners. The increase was completed through the purchase of 44 million common-stock stocks at$ 2. 28 per communicate.
Upexi shares skyrocketed on Monday following the announcement, finishing the day at$ 9. 89—up 335 % in the past 24 hours. Stock rose as high as$ 22 earlier Monday, marking the highest rate for the property in more than a year.
Solana is trading at$ 136 as of writing day, over 0. 4 % on the day, according to data provider CoinGecko.
Upexi’s press to create a Solana bank comes several times after real estate financing software Janover purchased an extra$ 10. 5 million fair of Solana for its own just created SOL hoard.
It even comes amid the broader pattern of public firms following the playbook of Strategy, which pioneered holding bitcoin as a business plan. The Michael Saylor-owned company has amassed more than$ 47 billion worth of Bitcoin in the past five years.
On Monday, Strategy announced that it had purchased 6,500 Bitcoin the past year, padding its business treasury by$ 556 million. Separately, Japan-based Metaplanet, which has pivoted from its hotel business to become a BTC treasury, said it had added 330 BTC worth more than$ 28 million to its holdings.
Although Upexi plans to apply much of its newly raised funds to buy Solana, it has earmarked approximately$ 5. 3 million for its working investment and debt reduction.
Its giving is expected to close on April 24, pending the pleasure of typical final problems, according to a Upexi speech.
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