In short
- Publicly Trade Consumer Products Firm Upexi announced a financing round of $ 100 million on Monday.
- The funds will mainly be used to set up and feed a Solana Treasury Reserve.
- Shares in Upexi shot up on Monday and ended the day with 335%.
Publicly traded company Upexi is planning one Solana Bedrijfskas, which uses more than $ 90 million in newly collected money. The Monday announcement sent Upexi shares up, more than quadruple in price as a result.
The Nasdaq-Gentered Consumer Products company, which is diversified in the crypto-space, has collected $ 100 million in its latest financing round, the company said Monday in a press release. About 95% of those funds are reserved for setting up, filling and operating a new Solana-based Treasury Reserve.
GSR led the financing round, with the participation of various crypto companies, including Delta Blockchain Fund, Delphi Ventures and Hivemind, as well as various angel investors. The increase was completed by the sale of 44 million common shares for $ 2.28 per share.
Upexi shares shot on Monday after the announcement and the day ended at $ 9.89-335% in the last 24 hours. Shares rose earlier Monday to $ 22 and marked the highest price for the share in more than a year.
Solana trades at $ 136 from writing, a decrease of 0.4% in the day, according to in the Coingecko data collection.
Upexi’s push to create a Solana Treasury comes a few days after the real estate financing platform Janover bought an extra $ 10.5 million extra WORTH OF SOLANA for his own recently created Sol -Stash.
It is also amid the wider trend of public companies Follow the Playbook of StrategyHe pioneered with crypto as a business strategy. Michael Saylor’s company has collected more than more $ 47 billion in Bitcoin in the past five years.
On Monday the strategy announced that it had bought 6,500 Bitcoin the last week, filling his business greenhouse with $ 556 million. Separately, the Metaplanet, established in Japan,, which turned from its hotel company to become a BTC Treasury, said it had added 330 BTC more than $ 28 million to its interests.
Although Upexi is planning to use a lot of his newly collected money to buy Solana, it has reserved around $ 5.3 million for his working capital and debt reduction.
The offer is expected to close on 24 April, pending the satisfaction of the usual closing conditions, according to an Upexi statement.
Published by James Rubin
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