Upexi notched a triple-digit stock gain on Monday after announcing plans to accumulate millions worth of crypto.

er Products Company Upexi Soars 335% After Announcing Plans to Buy Solana Tokens

Upexi Inc (NYSE:UPEX) stock soared a staggering 335% on Monday after the company announced plans to accumulate millions worth of Solana (CRYPTO: SOL) tokens to help create a token treasury.

What Happened: Upexi, a self-described brand owner specializing in the "development, manufacturing, and distribution of consumer products," has reached an investment agreement with GSR, a crypto trading and investment firm, to help create a Solana token treasury.

The Tampa-based firm disclosed that it is buying cryptocurrency in its treasury in a move that follows other firms such as MicroStrategy Inc (NASDAQ:MSTR) and bitcoin advocate Strategy (NYSE:STGY).

Several crypto venture firms also participated in the deal, which values Upexi's newly issued shares at $2 per share and grants GSR a right to purchase up to 9,999,999 shares of Upexi's common stock at $2 per share.

The company's stock opened sharply higher on Monday and soared as high as $73.74, triple-digit gains throughout the session. The stock closed the session at $9.89, showcasing an impressive 335% surge.

Solana's token is down 30.4% year-to-date. The move also comes as several firms are adopting cryptocurrency in a move that follows Strategy's bitcoin buying spree which has seen the business software company's stock soar 2,500% in five years. Saylor has pushed for other firms to embrace cryptocurrencies as a viable treasury option and some firms have bought into the idea.

Apart from Upexi, other corporate bitcoin adopters include Marathon Holdings (NASDAQ:MARA), Japanese firm Metaplanet and a biopharma company called Acurx Pharmaceuticals (NASDAQ:ACRX).

Solana is known for its speed and low transaction fees, making it suitable for handling a large volume of transactions. The Solana Foundation's president, Lily Liu, expressed encouragement at seeing institutions engage with blockchain infrastructure in meaningful ways.

"GSR and Upexi's announcement underscores the growing interest in using Solana for real-world financial applications and is another example of how traditional finance and DeFi are starting to intersect," Liu added.

Solana is one of the most popular tokens among those used in the memecoin market.

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