Publicly traded company upexi plans to create an a Solana Ministry of Corporate Treasury, using more than $90 million in new salary increases. Monday’s announcement revealed that Upexi’s stocks skyrocketed, resulting in more than just four prices.
The NASDAQ-registered consumer products company has diversified into the crypto space, raising $100 million in its latest funding round. I said Press release Monday. Approximately 95% of these funds are allocated to establish, fill and operate the new Solana-based Treasury Reserve.
GSR led the funding round with participation from several crypto companies, including Delta Blockchain Fund, Delphi Venture, Hivemind and several angel investors. The pay raise was completed by the sale of 44 million shares at $2.28 per share.
Upexi shares rose Monday after the announcement, finishing the day at $9.89.An increase of 335% over the past 24 hours. The stock rose to $22 early on Monday, marking the highest price for the stock in more than a year.
Solana was trading at $136 at the time of writing, down 0.4% on the day. According to To data provider Coingecko.
Upexi’s push to create Solana Treasury happens a few days after the real estate finance platform Janover bought an additional $10.5 million The value of Solana is worth the recently created Solstash.
It is also among the broader trends of public companies. Follow the strategy playbookThis held Crypto as a business strategy. The company owned by Michael Saylor is building up more Bitcoin worth $47 billion The past five years.
On Monday, the strategy announced it had purchased 6,500 Bitcoin The week before the company’s financial resources were padded by $556 million. Separately, Japan-based Metaplanet, which was pivoted from the hotel business to become the BTC Treasury, said it added 330 BTC, worth more than $28 million to its holdings.
Upexi plans to use much of the new salary increase to purchase Solana, but has allocated about $5.3 million to work capital and debt reductions.
According to a statement from UPEXI, its offering will be closed on April 24th, with satisfaction with the customary closure conditions being held back.
Edited by James Rubin
