Quick take:
- Upexi said it will establish a Solana treasury strategy that includes the accumulation and staking of Solana.
- The announcement follows the company’s strategy shift toward’s long-term crypto investment opportunities that generate yield for shareholders.
- GSR’s investment is part of its strategy to bridge the gap between traditional capital markets and the digital asset ecosystem.
Upexi (NASDAQ: UPXI), a brand owner specializing in the development, manufacturing, and distribution of consumer products, has announced a $100 million private placement intended to purchase Solana tokens.
The company offered 43,859,649 shares of common stock (or pre-funded warrants in lieu thereof) at a price of $2.28 per share for approximately $100 million in gross proceeds, before placement agent fees and other offering expenses. The offering is expected to close on or around April 24, 2025 following the satisfaction of customary closing conditions, Upexi wrote in a press release on Monday.
The fundraising also included participatiuon from Big Brain, Anagram, Delphi Ventures, White Star Capital, Maelstrom, the family office of Arthur Hayes, Hivemind, Borderless, Morgan Creek, Elune Capital, and Delta Blockchain Fund.
Austin Federa, Frank Chaparro, Joey Krug, Bartosz Lipinski, Larry Wu, and Jordan Prince, as well as Upexi CEO Allan Marshall are among those who joined as angle investors.
Commenting on his firm’s leading role in the round, Brian Rudick, Head of Research at GSR said: “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.”
Jakob Palmstierna, President, GSR, said the investment represents the firm’s bold strategy centered around Solana, and deep belief in the future of DeFi for growing the crypto ecosystem.
Lily Liu, President, Solana Foundation commented: “It’s encouraging to see institutions exploring blockchain infrastructure in meaningful ways. GSR and Upexi’s announcement highlights growing interest in using Solana for real-world financial applications, and it’s another signal of how traditional finance and DeFi are starting to intersect.”
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