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 raise focused on building a Solana treasury. This marked a 632% intraday increase. The firm is listed on Nasdaq under the ticker UPXI. It primarily operates in supply chain management and brand ownership but has now entered the crypto market through Solana.
The company allocated over 90% of the funds raised to acquire SOL, the native token of the Solana blockchain. Upexi’s treasury strategy mirrors a growing trend of firms holding crypto as part of their reserves.
Upexi’s Solana treasury strategy was announced the same day the funding round closed. The funds came from a private placement of around 44 million common stock shares, priced at $2.28 each.
$100M Raise Backed by Crypto-Focused Investors
Upexi’s $100 million raise included several well-known crypto venture capital firms. Participants include Arthur Hayes’ family office, Delta Blockchain Fund, Delphi Ventures, Hivemind, Borderless, and White Star Capital. The announcement did not break down individual contributions, but the investor list highlights growing institutional interest in Solana.
This is the company’s largest funding round to date. Upexi has not released further details on its Solana acquisition plan. However, the allocation of over 90% of the raised capital indicates a significant focus on long-term SOL holdings.
According to the company’s latest financials, Upexi reported a $3 million profit in Q4 2024. That number reflects a 34.8% decrease from $4.6 million in Q4 2023. Despite the drop, the company moved forward with the Solana treasury strategy.
Solana Treasury Strategy Separates Upexi from Bitcoin-Based Models
Upexi is one of the few Nasdaq-listed companies with a Solana treasury. Most other companies with crypto exposure have selected Bitcoin. Strategy, formerly known as MicroStrategy, led the Bitcoin treasury trend beginning in August 2020. Since then, over 13,000 firms have reported Bitcoin exposure through various methods.
On April 21, Japan’s Metaplanet reported $400 million in Bitcoin holdings. U.S.-based Semler Scientific reported paper losses related to its BTC reserves on April 16. Both companies follow a Bitcoin treasury strategy rather than adopting Solana.
Janover is another exception. On April 15, the firm acquired $10.5 million in SOL. Janover recently changed leadership on April 7 when former Kraken executives took over. The new management shifted the firm’s treasury strategy toward Solana.
Solana’s Use Grows in Corporate Crypto Strategies
Solana is a blockchain platform that runs on a proof-of-history system. It processes transactions quickly and supports apps like decentralized finance and memecoins. As of April 21, the price of SOL was $139.54, based on TradingView data.
Upexi’s move places Solana at the center of its crypto strategy. By using over 90% of its recent raise for Solana, the firm is aligning with a growing trend toward blockchain-based asset management.
Most companies in the crypto treasury space still choose Bitcoin due to its broader adoption and liquidity. Upexi and Janover are among the few public firms actively building a Solana treasury. Their decisions suggest that alternative blockchains like Solana are starting to gain ground.
