Upexi to Build Solana-Focused Treasury with $100M Investment from GSR
Upexi (UPXI), a consumer goods company, has secured a $100 million private placement led by crypto trading firm GSR, signaling its shift towards a digital asset-based treasury strategy.
The Florida-based company, known for its products like medicinal mushroom gummies and pet grooming tools, plans to use the funds to acquire and stake Solana (SOL) tokens, leveraging the blockchain’s high-speed, low-fee features. As of Friday, Upexi had a market capitalization of $3 million.
This private investment in public equity (PIPE) deal highlights Upexi’s pivot from traditional manufacturing to a more crypto-focused financial approach, with part of its balance sheet now dedicated to Solana-based assets, according to a press release.
The announcement of the investment has led to an explosive 700% surge in Upexi’s stock price, which jumped from around $2.30 to $19 at the time of writing.
GSR’s involvement further underscores the growing convergence of traditional public markets and blockchain finance.
Brian Rudick, GSR’s head of research, emphasized the increased demand for secure access to high-quality crypto assets in public markets: “This investment highlights the growing demand for efficient, secure access to high-quality crypto assets in public markets.”
Lily Liu, president of the Solana Foundation, noted that this deal is another step forward in bridging traditional financial firms with decentralized infrastructure.
The partnership also highlights GSR’s strong confidence in Solana as a leading blockchain, with both companies expressing optimism about the future of this high-performance network.
