Upexi raises $100 million to purchase Solana tokens

Upexi, a brand owner specializing in the development, manufacturing, and distribution of consumer products, announced a special offering on the Nasdaq stock exchange, valued at $100 million aimed at purchasing Solana tokens.

The company offered 43,859,649 shares of common stock (or pre-funded warrants in lieu thereof) at a price of $2.28 per share, with total proceeds estimated at around $100 million, before underwriting fees and other offering expenses.

The offering is expected to close on April 24, 2025, after the customary closing conditions are met, according to Upexi in a press release.

Several companies and investors have joined the company's plan to purchase shares, including notable firms such as "Delphi," "Anagram," "Big Brain," "Maelstrom," "White Star Capital," and "Ventures."

Among those who joined as investors are: Austin Fidera, Frank Shapiro, Joey Krug, Bartosz Lipinski, Larry Wu, and Jordan Prince, in addition to Upexi's CEO Alan Marshall.

Leila Liu, president of the Solana Foundation, said: "It is encouraging to see institutions exploring blockchain infrastructure in effective ways, as this announcement from Upexi highlights the growing interest in using Solana for real-world financial applications, which is another indicator of the overlap between traditional finance and decentralized finance (DeFi)."