Publicly Traded Firm's Stock Spikes 335% After Raising $100M to Fuel Solana Reserve
Upexi plans to establish a Solana corporate treasury using over $90 million from a recent funding round, raising a total of $100 million. The announcement led to a significant increase in Upexi shares, which rose by 335% to close at $9.89, peaking at $22 during the day. The funding round was led by GSR and included participation from various crypto firms and angel investors, with shares sold at $2.28 each. Approximately 95% of the funds will be allocated to the Solana treasury, while $5.3 million is designated for working capital and debt reduction. The offering is set to close on April 24, pending customary conditions. Solana is currently trading at $136. Upexi's move aligns with a trend of public companies adopting crypto as a business strategy, following examples like Strategy and Metaplanet.
