Public Companies Turning to Solana: Upexi Shares Surge 600% After $100M Crypto Treasury Announcement

TLDR

Table of Contents

Upexi Inc’s shares soared over 600% after announcing plans to build a Solana-based crypto treasury
The company raised $100 million in a private placement led by GSR and other crypto investment firms
Over 90% of the raised funds will be allocated toward accumulating and staking Solana (SOL)
The strategy aims to generate long-term appreciation and yield for shareholders
This move follows other public companies like Janover Inc. integrating cryptocurrency into their treasury strategies

Upexi Inc. shares exploded by more than 600% on April 21, 2025, after the company revealed plans to build a Solana-based crypto treasury. The Tampa-based consumer products company announced a $100 million private investment in public equity (PIPE) to fund this new direction.

The stock jumped from $2.30 at market close on April 17 to $16.79 on April 21. This dramatic increase came after Upexi disclosed that over 90% of the newly raised funds would go toward accumulating and staking Solana (SOL), the native token of the high-performance blockchain.

GSR, a leading crypto trading and investment firm, anchored the investment. Other backers included Maelstrom Capital, Delta Blockchain Fund, Delphi Ventures, Hivemind Ventures, Borderless Capital, and White Star Capital.

Corporate Crypto Treasury Movement Expands

Upexi joins a growing list of publicly traded companies incorporating digital assets into their treasury strategies. The approach draws parallels to Strategy, which began accumulating Bitcoin in 2020 and sparked a broader corporate movement into crypto.

While most companies have focused on Bitcoin for their treasury operations, Upexi’s Solana-centered approach stands out as relatively unique. Earlier this month, Janover Inc., now led by former Kraken executives, disclosed a $10.5 million Solana acquisition.

Janover’s stock price has increased by more than 1,000% since the former Kraken team took over, according to data compiled by Bloomberg. This pattern suggests strong market enthusiasm for public companies embracing crypto treasury strategies.

Institutional Interest in Solana Growing

GSR head of research Brian Rudick highlighted Solana’s technical advantages in a statement: “Solana’s speed, scalability, and vibrant developer ecosystem make it an ideal foundation for long-term growth.”

Jakob Palmstierna, GSR President, described the investment as part of the firm’s broader mission to support builders and protocols with capital, liquidity, and long-term guidance. The raise was completed via the sale of roughly 44 million shares of common stock at $2.28 per share.

Solana Foundation President Lily Liu welcomed Upexi’s move, calling it “a signal of how traditional finance and DeFi are starting to intersect.” This intersection represents a new phase in the evolution of corporate finance strategies.

Solana has become one of the biggest winners in the latest market cycle. Its ecosystem spans from memecoins to decentralized infrastructure, making it an attractive treasury asset for companies seeking exposure to blockchain-based growth.

Financial Details and Implementation

Upexi expects to use about $5.3 million of the proceeds for working capital and debt reduction. The remainder will fund Solana purchases and establish the company’s Solana treasury operations.

The closing of the offering is expected on April 24, 2025. The company plans to generate long-term appreciation and yield for shareholders through this strategy.

Despite a 34.8% year-over-year decline in profits to $3 million in the fourth quarter of 2024, Upexi’s strategic pivot has clearly caught investor attention. The stock’s explosive rally indicates Wall Street’s growing comfort with crypto-integrated business models.

The Tampa-based company, which specializes in the development, manufacturing, and distribution of consumer products, had a market capitalization of just $3 million at the close of trading last week before the announcement.

Solana was trading at approximately $138.60, up about 1%, as of 8:50 a.m. in New York on April 21, showing relatively stable performance despite the news.

This pivot represents a major shift for Upexi, moving from its traditional consumer products focus to incorporate digital asset management as a core business strategy.

The trend of public companies allocating treasury funds to cryptocurrencies beyond Bitcoin suggests a maturing view of the digital asset ecosystem among corporate finance leaders.

As more companies explore alternative cryptocurrencies for treasury operations, Solana appears to be emerging as a popular choice due to its technical capabilities and growing ecosystem.

Stay Ahead of the Market with Benzinga Pro!

Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders: