GSR Leads $100 Million Investment in Upexi to Acquire SOL Tokens
Crypto trading firm GSR led a $100 million private placement into Upexi (UPXI), which is transitioning to a digital asset-based treasury strategy.
- Upexi manufactures products like medicinal mushroom gummies and pet-grooming tools.
- The capital will be used to acquire and stake solana (SOL) tokens.
- The company had a market cap of $3 million on Friday.
- This investment is structured as a private investment in public equity (PIPE).
- Upexi's stock surged over 700%, increasing from approximately $2.30 to $19 following the announcement.
- The deal signifies an increasing intersection between public markets and blockchain finance.
Statements from GSR's head of research and Solana Foundation president emphasize confidence in Solana and the demand for access to crypto assets in traditional markets.