Crypto Firm GSR Leads $100M Investment in Upexi for SOL Acquisition, Stock Surges 700%

Consumer goods firm Upexi is entering the crypto space with support from GSR, a prominent cryptocurrency trading and investment company. According to a press release, GSR has committed $100 million through a private investment in public equity (PIPE). The funding will support Upexi’s plan to build a treasury on the Solana blockchain.

Notably, the announcement triggered a sharp reaction in the market, sending Upexi’s stock (UPXI) price soaring. It surged over 700%, climbing from around $2.30 to $19 at the time of writing.

Upexi’s $100M Solana Treasury

Upexi plans to use the $100 million funding to set up its Solana (SOL) treasury and expand its SOL holdings. The company also intends to stake the tokens to engage in Solana’s network operations.

Commenting on the move, Solana Foundation president Lily Liu described the Upexi deal as part of a growing intersection between traditional finance and decentralized ecosystems. She noted that more firms are adopting Solana for real-world financial strategies.

Meanwhile, GSR’s head of research, Brian Rudick, said the deal highlights growing interest in secure exposure to top crypto assets through public markets. He pointed to Solana’s strong performance and active developer community as key drivers.

Interestingly, Rudick’s remarks reflect GSR’s broader confidence in Solana. Back in June 2024, the firm publicly backed the network, praising its technological edge and suggesting it could outperform Bitcoin over time.

Firms Expand Solana Treasuries

Beyond Upexi, several other companies are building Solana-based treasuries this year. For example, on April 11, property financing firm Janover revealed it had acquired 83,000 SOL. Just five days later, its holdings rose to 163,651 SOL, valued at roughly $22 million.

Notably, the shift came after a group of former Kraken executives took control of Janover on April 7. The company plans to rebrand as “DeFi Development Corporation” and has signed a staking partnership with Kraken. Under the deal, Janover will run validators that receive part of Kraken’s current and future staking allocations on Solana.

In a similar move, Canadian firm Sol Strategies and its subsidiaries increased their exposure to Solana earlier this year. As of January 31, they collectively held 189,968 SOL, worth approximately $40 million at the time.

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