Upexi’s Latest Funding: $100 Million in Circulation

Upexi Inc. has officially entered the digital asset game. On April 21, Upexi announced it had successfully raised $100 million in new funding, with over 90% of the proceeds dedicated to building a Solana (SOL) treasury strategy. 

As soon as the news broke, Upexi's stock price on the Nasdaq surged by over 630%, jumping from $2.30 to an eye-popping $16.79 in just a matter of days.

The move isn't just about headlines. It represents a growing shift in how companies perceive crypto — not just as a speculative asset, but as a legitimate component of corporate treasury strategies. 

And Upexi is one of the first public firms to bet big not on Bitcoin, but on Solana, a blockchain known for its ultra-fast transaction speeds and robust developer ecosystem.

What Does the $100 Million Raise Mean for Upexi?

The Upexi funding round was led by some of the biggest names in the crypto venture space. Participating backers include Arthur Hayes’ family office, Delta Blockchain Fund, Delphi Ventures, Hivemind, Borderless, and White Star Capital, among others. 

These aren’t casual investors — they’re seasoned players betting on Upexi’s long-term vision.

According to filings, the company raised the capital through the private sale of approximately 44 million shares at $2.28 each, a move that seems modest at first glance. But once news of Upexi’s Solana-focused treasury strategy hit the wire, markets responded with rare enthusiasm.

The allocation is strategic:

• Over 90% of the raised funds will go toward purchasing Solana.
• Around $5.3 million will be used for working capital and debt reduction.
• The remaining funds will support Upexi’s expansion into crypto-related operations.

Read also: New Airdrop Guide: How to Get Free Tokens from the Solana Gaming Airdrop

Why Solana, Not Bitcoin?

While Bitcoin has long been the gold standard for corporate crypto treasuries — think MicroStrategy, Block, or Metaplanet — Upexi’s decision to prioritize Solana marks a bold divergence from the norm. 

Solana, often dubbed the "Ethereum killer," boasts faster transaction speeds and lower fees. It also supports a range of use cases from decentralized finance (DeFi) to NFT marketplaces.

According to GSR, a leading crypto trading and investment firm and the lead investor in the raise, Solana’s speed, scalability, and vibrant developer community make it an ideal fit for institutional portfolios.

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

What Does This Mean for Upexi?

Upexi’s leap into crypto is more than a diversification move — it’s a reinvention. Previously focused on building consumer-facing brands and optimizing supply chains, the company is now aligning itself with the future of finance. 

The Solana investment gives Upexi an edge in digital innovation and access to the fast-growing world of decentralized applications.

From the outside, this looks like a playbook inspired by Strategy (formerly MicroStrategy), which saw its stock soar after investing heavily in Bitcoin. But Upexi is charting its own course by choosing Solana, a bet on the next generation of blockchain technology.

And they’re not alone. Other companies like Janover are also adding Solana to their corporate treasuries. Janover recently raised $42 million to accelerate its Solana acquisitions, while GameStop has publicly considered using part of its cash reserves to purchase Bitcoin.

Read also: Uniswap Founder Warns Ethereum Founder! Solana's Dominance Starts to Get Worrying

How Did the Market React?

The response was immediate and dramatic. Upexi’s share price skyrocketed by over 630%, jumping from $2.30 to $16.79 — all within days of the funding news. 

Investors are clearly excited about the company's pivot and the broader implication that more traditional firms may begin incorporating crypto into their balance sheets.

The rise also demonstrates the current strength of the Solana ecosystem, which has benefited from a recent bull market and increased adoption of DeFi and memecoin projects.

FAQ

What is the purpose of Upexi’s $100 million raise?

The majority of the funds will be used to accumulate Solana (SOL) and develop a corporate treasury strategy around the cryptocurrency. A small portion will go toward working capital and debt reduction.

Why did Upexi choose Solana instead of Bitcoin?

Solana offers faster transaction speeds, lower costs, and strong developer support — making it ideal for institutions looking for scalable blockchain infrastructure.

Who invested in Upexi's funding round?

Notable backers include Arthur Hayes’ family office, Delta Blockchain Fund, Delphi Ventures, Hivemind, and White Star Capital.

How much did Upexi shares increase after the announcement?

Upexi shares rose by more than 630%, from $2.30 to $16.79, after news of the funding and Solana treasury strategy was announced.

When will the funding round officially close?

The closing is expected on or around April 24, 2025, pending standard closing procedures.

What does this mean for Upexi’s future?

The move positions Upexi as one of the first public companies to build a Solana-focused digital treasury, opening the door for further growth in the crypto space.