Upexi Inc. (Nasdaq: UPXI) has efficiently closed a $150 million convertible observe providing that greater than doubles the corporate’s Solana (SOL) treasury holdings, marking one other vital milestone in its cryptocurrency-focused technique, the corporate announced on Thursday.
The Tampa-based client merchandise firm introduced Thursday that it raised the funds via convertible notes backed by SOL tokens from institutional buyers and certified purchasers. Mixed with a beforehand disclosed $50 million fairness increase, Upexi secured roughly $200 million in complete gross proceeds.
The convertible notes carry a 2% annual rate of interest paid quarterly, function a set conversion worth of $4.25 per share, and mature in 24 months. Notably, the notes are collateralized by SOL tokens supplied by the buyers themselves.
Following the transaction’s completion, Upexi’s Solana treasury has grown to roughly 1.65 million SOL tokens, representing a considerable enhance from its beforehand reported steadiness of 735,692 SOL. At present market costs, this positions the corporate as one of many bigger company holders of Solana.
Huge Mind Holdings led the funding spherical alongside different institutional members. A.G.P./Alliance World Companions served as the only placement agent for the providing.
The funding represents the newest chapter in Upexi’s transformation from a standard client merchandise firm right into a crypto-focused treasury play. In April, the corporate acquired a $100 million investment from crypto buying and selling agency GSR, which despatched its inventory worth surging over 700% in a single day.
Upexi’s technique facilities on accumulating and staking Solana tokens to generate long-term appreciation and passive earnings for shareholders. The strategy mirrors comparable strikes by different publicly traded firms, together with Janover Inc. (NASDAQ: JNVR), which adopted a comparable Solana-focused treasury technique earlier this yr.
The corporate’s pivot comes as conventional firms more and more search direct publicity to cryptocurrency returns via treasury methods, shifting past Bitcoin to embrace various digital belongings like Solana. The blockchain’s velocity, scalability, and rising developer ecosystem have made it a horny selection for institutional adoption.
Upexi’s client merchandise portfolio consists of medicinal mushroom gummies, pet care merchandise, and caffeine various dietary supplements, although the corporate’s market consideration has shifted primarily to its cryptocurrency operations since saying the treasury technique.
On the time of publication, SOL was altering arms at $179.51, or 5.19% up in 24 hours, whereas UPXI closed the Thursday buying and selling session at $7.24, down $0.02 (-0.28%).
