Upexi raises $200 million to buy Solana
Upexi to raise $200M to expand Solana treasury and fund operations
Consumer products company Upexi is making a bold move into the digital asset space, announcing plans to raise $200 million to boost its Solana (SOL) treasury and fund operational growth.
According to the company, the financing will be split between two instruments: a $150 million convertible note led by Big Brain VC, and a $50 million equity private placement, reports Cryptopolitan.
Upexi revealed the news on X, stating that net proceeds will be directed toward Solana acquisitions, reinforcing the firm’s earlier pivot toward a crypto-backed treasury model.
Solana treasury hits $270M as Upexi outpaces competitors
The newly announced convertible note will be collateralized with locked spot SOL, featuring a two-year maturity and a 2% quarterly interest rate. Once finalized, the additional tokens will be integrated into Upexi’s digital reserves, pushing the firm’s Solana holdings to 1.65 million tokens, or approximately $270 million. This marks a significant leap from its previous $100 million fundraise in April, which first signaled the company’s crypto ambitions. Upexi now holds double the SOL compared to DeFi Development Corporation (DFDV), previously one of the largest publicly disclosed SOL treasuries. Although the latest announcement triggered only a 7.8% share price increase (to $5.39), Upexi stock remains up 53% year-to-date.
Market impact and Solana outlook for the week ahead
With Solana currently priced at $162.47, analysts are watching whether Upexi’s aggressive treasury expansion and broader market momentum can push SOL higher in the coming week. The asset saw modest gains on Friday as Bitcoin broke new all-time highs, reflecting a broader uptick in crypto investor sentiment. If bullish conditions persist, SOL could retest its recent highs above $170, especially amid institutional accumulation and treasury growth narratives. However, potential regulatory uncertainty—highlighted by Grayscale’s criticism of the SEC for delaying its multi-asset ETF—may cap upside in the short term. For now, Upexi’s commitment underscores Solana’s growing role as a strategic corporate asset.
Recently we wrote that Solana has hit a new milestone in network usage, with daily active addresses surpassing 17 million.
