Upexi is raising $100 million to buy Solana crypto token

Upexi is shifting gears in a big way — and Wall Street noticed. The consumer brand company announced plans to raise $100 million as it moves into crypto, specifically with a strategy focused on buying and staking Solana. The news sent shares soaring more than 300% in early trading Monday.

The funding is led by GSR, a well-known name in crypto trading and investing.

Upexi isn’t new to product development and distribution — the company’s roots are in building and selling consumer goods. But with this move, it’s aiming to reposition itself by using a portion of its assets to build a treasury based on Solana. The idea? Long-term value growth and staking yields.

Upexi Stock Skyrockets Over 300%

“Upexi Inc. is raising $100 million as part of a pivot that will see the company start to accumulate the cryptocurrency Solana, according to a Monday statement. The company’s shares surged more than 300% in early trading,” Bloomberg reported.

This shift might sound ambitious, especially considering Upexi’s market cap was just $3 million at the close of last week. Now, it’s looking to raise serious capital. The company has inked deals with investors to sell about 43.9 million shares (or pre-funded warrants) through a private placement at $2.28 a share. That offering is expected to close on April 24.

“This investment highlights the growing demand for efficient, secure access to high-quality crypto assets in public markets,” said Brian Rudick, Head of Research at GSR. “Solana’s speed, scalability, and vibrant developer ecosystem make it an ideal foundation for long-term growth and we are honored to help accelerate the integration of digital assets into institutional portfolios.”

In short, Upexi wants to be more than just a consumer products company. It’s betting that crypto — and specifically Solana — will be a smarter place to park its cash and generate returns.