Upexi shares climb 630% after $100 million Solana treasury plan

Shares of Nasdaq-listed Upexi surged over 630 percent following the company’s announcement of a $100 million private placement, with the majority of funds allocated to building a Solana-based treasury strategy.

Upexi, previously focused on supply chain management and consumer products, revealed on April 21 that it would use the capital to accumulate and stake Solana (CRYPTO:SOL) tokens, marking a significant pivot toward digital asset management.

The investment round was led by crypto trading firm GSR and included participation from venture capital firms such as Big Brain, Delphi Ventures, Anagram, and others.

The offering involved the sale of nearly 44 million shares at $2.28 per share, raising approximately $100 million.

The company’s stock price jumped from $2.30 on April 17 to as high as $19, reflecting strong market reaction to the Solana treasury strategy.

“This investment highlights the growing demand for efficient, secure access to high-quality crypto assets in public markets,” according to Brian Rudick, Head of Research at GSR.

Lily Liu, president of the Solana Foundation, commented that the deal “marks another step in connecting traditional financial firms with decentralised infrastructure.”

Upexi plans to allocate over 90 percent of the raised funds to its Solana treasury, with a smaller portion set aside for working capital and debt reduction. 

The move follows a trend of public companies adopting digital asset treasury strategies, though most have focused on Bitcoin (CRYPTO:BTC).

Upexi’s decision to concentrate on Solana sets it apart from peers and signals growing institutional confidence in the blockchain’s potential for long-term growth.

The transaction is expected to close around April 24, pending customary conditions.

At the time of reporting, the Solana (SOL) price was $138.72.