The Company's Stock Soared 300% After Plans to Form Solana Reserves
Upexi Inc, a technology company listed on Nasdaq, successfully raised US$100 million or equivalent to Rp1.6 trillion, which will be used to form a strategic crypto reserve based on Solana (SOL).
As a result, this move caused Upexi's (UPXI) stock price to skyrocket 302% in a week, closing at US$11 on Thursday (24/04).
Furthermore, the funding was led by GSR and involved several major investors in the crypto sector such as Delta Blockchain Fund, Delphi Ventures, and Hivemind. The funds were obtained through the sale of 44 million shares of common stock at a price of US$2.28 per share.
According to an official statement, US$5.3 million of the total funds will be used for debt repayment. Then, 90% of the remaining amount will be used to purchase SOL.
For your information, at the time this article was written, SOL was trading at US$147, down approximately 0.83% in the last 24 hours.
NEWS BY AKADEMI CRYPTO (AC)
