Briefly,
- Upexi, a publicly traded consumer goods company, announced on Monday a funding round of $100 million.
- These funds will be used mainly to create and maintain a Solana Treasury Reserve.
- Upexi’s shares finished the day with a 335% increase.
Upexi, a publicly traded company, plans to establish a Solana Corporate treasury using funds worth more than 90 million dollars. Upexi’s share price more than quadrupled after Monday’s announcement.
In its most recent funding round, $100 million was raised by the Nasdaq listed consumer products company, which is diversifying in the crypto-space. You can also read about the importance of this in our article In a Monday press release. Around 95% are allocated for the establishment, funding and operation of a Solana based new treasury.
GSR was the leader in this funding round. Other crypto companies, such as Delta Blockchain Fund and Hivemind as well as angel investors, also participated. The funding was raised through the sale 44 million shares of common stock at $2.28 a share.
Upexi shares skyrocketed on Monday following the announcement, finishing the day at $9.89—Up by 335% within the past 24 hour. Stocks reached a high of $22 in the early hours of Monday. This was the highest share price the company has seen for more than a calendar year.
Solana’s price is $136 at the time of this writing, down by 0.4% from yesterday. You can also read about it here to data provider CoinGecko.
Upexi's push to create a Solana treasury comes several days after real estate financing platform Additional $10.5 Million Purchased by Janover SOL stash, which it recently acquired for the price of Solana.
This is also in line with the trend towards public companies Strategy is a playbook that you can follow.The company was the first to use crypto holdings as a strategy for business. Michael Saylor, the owner of this company, has amassed over Bitcoins are worth $47.3 billion In the last five years.
Strategy announced Monday it had acquired Its corporate bank account was boosted by $556,000,000 after it purchased 6,500 Bitcoins the week before. Metaplanet of Japan, which recently shifted its focus from hotel operations to BTC treasuries, reported that it has added 330 BTC, worth over $28 million, to its stock.
Upexi has allocated approximately $5.3million for working capital, debt reduction and its new funds.
According to an Upexi announcement, the offering should close by April 24 if all closing conditions are met.
James Rubin, Editor
