Upexi Shares Jump 632% After Revealing a $100M Solana Treasury

YEREVAN (CoinChapter.com) — Upexi shares jumped from $2.30 on April 17 to $16.79 on April 21 after the company revealed a $100 million

Shares of Upexi (NASDAQ:UPXI) soared on Monday, experiencing a 632% intraday surge as the company announced a $100 million funding round to build a Solana (CRYPTO: SOL) treasury. The stock price skyrocketed from $2.30 on Monday morning to reach $16.79 by 3:30 p.m. ET.

The company, which is primarily focused on supply chain management and brand ownership, disclosed that over 90% of the funds raised would be allocated to acquiring the native token of the Solana blockchain. This strategy highlights a broader trend of firms incorporating crypto into their treasury holdings.

The news of Upexi’s Solana treasury came on the same day that the final tranche of the funding round was fully closed. The round involved a private placement of approximately 44 million common stock shares, priced at $2.28 each. Among the investors participating in the round were Arthur Hayes’ family office, Delta Blockchain Fund, Delphi Ventures, Hivemind, Borderless, and White Star Capital. While the announcement did not specify the individual contributions of each investor, the list provides insight into the increasing interest in Solana among institutional crypto venture capitalists.

This marks the largest funding round to date for Upexi. The company did not disclose any further details regarding its plans for acquiring Solana. However, the allocation of over 90% of the raised capital underscores the strong emphasis on long-term holdings of SOL.

In terms of its latest financials, Upexi reported a profit of $3 million for Q4 2024, showcasing a 34.8% decrease from $4.6 million in Q4 2023. Despite the decline in profit, Upexi has decided to move forward with its Solana treasury strategy.

As for other Nasdaq-listed companies, most companies with crypto exposure have chosen Bitcoin over Solana for their treasury strategies. Notably, Strategy (NASDAQ:MAGA), formerly known as MicroStrategy (NASDAQ:MBI), took the lead in August 2020 with its Bitcoin treasury, which has since encouraged over 13,000 firms to report their own exposure to Bitcoin through various methods.

On Monday, Japan’s Metaplanet reported holding $400 million in Bitcoin, while Semler Scientific (NASDAQ:SEML) disclosed paper losses related to its BTC reserves on Tuesday. Both companies are focusing on Bitcoin rather than Solana for their treasury strategy.

Another exception is Janover (NASDAQ:JII), which announced on April 15 the acquisition of $10.5 million in Solana. Janover recently underwent a leadership change on April 7 with the appointment of former Kraken executives, who shifted the firm’s treasury strategy toward Solana.

Solana is a blockchain platform that operates on a proof-of-history system, aiming to process transactions quickly and support applications like decentralized finance and memecoins. On Monday, the price of Solana was $139.54, according to TradingView data.

Upexi’s move places Solana at the core of its crypto strategy. By dedicating over 90% of its recent funding to Solana, the company aligns with the increasing trend of managing blockchain-based assets.

Most companies in the crypto treasury space continue to select Bitcoin due to its wider adoption and liquidity. Upexi and Janover are among the few public firms actively building a Solana treasury, highlighting the gradual interest in alternative blockchains like Solana.