Upexi Falls 7.5% After Filing for $1B Raise
Upexi shares fell 7.5% after announcing a plan to raise up to $1 billion to expand its Solana (SOL) holdings and pursue related opportunities. The fundraising, detailed in a shelf registration with the SEC, could include stock, debt, or other financial instruments issued over time. Proceeds are intended for general corporate purposes, with a focus on acquiring and staking Solana to earn additional tokens. Upexi currently holds 2.1 million SOL, valued at $262.3 million, making it the fourth-largest corporate holder of Solana. The company shifted its main business from consumer products and e-commerce to focus on its Solana treasury in late April. Since July 23, it has not made additional Solana purchases, and the value of its holdings has dropped about 50% from a $525 million peak in mid-September, resulting in a 19% unrealized loss. Solana is now trading at $123.75, down 57.5% from its all-time high. Crypto market downturns and uncertainty about treasury strategies have contributed to the slowdown in Solana purchases.
