Upexi to Raise $100 Million to Accumulate Solana

Upexi said Monday (April 21) that it is raising $100 million and plans to use most of the funds to accumulate the cryptocurrency Solana.

The company, which is a brand owner that develops, manufactures and distributes consumer products and entered the cryptocurrency industry to diversify its business, plans to use $5.3 million for working capital and debt reduction and the remainder to establish its Solana treasury operations and accumulate Solana, it said in a Monday (April 21) press release.

“The closing of the offering is expected to occur on or about April 24, 2025, subject to the satisfaction of customary closing conditions,” Upexi said in the release.

GSR, the crypto trading and investment firm that is the lead investor in Upexi’s private placement, said in a Monday press release that it sees this move as a part of its mission to bridge the gap between traditional capital markets and the digital asset ecosystem.

“This investment highlights the growing demand for efficient, secure access to high-quality crypto assets in public markets,” GSR Head of Research Brian Rudick said in the release. “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.”

Solana Foundation President Lily Liu said the two companies’ announcements signal greater interest in using Solana for real-world financial applications and a growing intersection of traditional finance and DeFi.

“It’s encouraging to see institutions exploring blockchain infrastructure in meaningful ways,” Liu said.

Companies such as MicroStrategy — which is now doing business as Strategy — and Block have added bitcoin to their balance sheets, while other firms across industries are exploring its potential as both an investment vehicle and a transactional asset, PYMNTS reported in February.

Janover, a platform that connects the commercial real estate industry, said April 7 that it planned to accelerate its acquisition of digital assets in the Solana ecosystem through U.S. public markets after raising $42 million in an offering of convertible notes and warrants.

In March, retail gaming destination GameStop said that a portion of its cash or future debt and equity issuances may be used to accumulate bitcoin as a treasury reserve asset.

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