Solana News: Upexi Unveils $100M SOL Reserve, Stock Soars 335%

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Upexi, a consumer goods firm listed on Nasdaq, saw its stock price skyrocket by 335% following its bold announcement to dive into the cryptocurrency space. The company raised $100 million, with plans to create a Solana (SOL)-backed corporate treasury. While $5.3 million of the funds will support its regular business activities and reduce debt, the rest will fuel its ambitious crypto expansion.

Solana Takes Center Stage in Corporate Treasuries

This move highlights a growing trend among companies treating cryptocurrency like corporate gold. Upexi’s new treasury reserve will focus primarily on Solana, showcasing a strong belief in the blockchain’s long-term potential. Backing for the deal came from major crypto players like GSR, Big Brain, and Delphi Ventures, with the funding round expected to close by April 24.

Upexi raised the $100 million by selling 44 million shares at $2.28 per share, pushing its stock to $9.89, a high not seen in over a year. It even briefly hit $22, reflecting investor excitement. Alongside this, Upexi’s crypto-focused arm, Quantum Hash, has also committed to purchasing a 2MW mining facility, with plans to expand further by 2025.

Following the Strategy Playbook

Upexi’s crypto strategy is closely aligned with that of MicroStrategy, the tech firm led by Michael Saylor, which has amassed over $47 billion in Bitcoin. Recently, Strategy revealed it had added another 6,500 BTC to its portfolio, solidifying its status as a major crypto player. Japanese firm Metaplanet also joined the trend, acquiring 330 BTC worth $28 million.

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Institutional Interest in Solana on the Rise

Solana is rapidly gaining favor not only among retail investors but also with institutional players. Days before Upexi’s announcement, real estate platform Janover added $10.5 million in SOL to its corporate treasury, further boosting the token’s institutional appeal. This move caused Janover’s stock to soar from $4.44 to $40.25, briefly hitting $79.50.

With backing from GSR and the Solana Foundation, Upexi’s commitment to Solana marks a significant shift where traditional finance is increasingly merging with crypto assets. Solana currently trades around $136, with growing institutional interest in its potential.