Since disclosing its Solana treasury reserve on April 21, Upexi’s shares on the Nasdaq have surged more than 630%.
Upexi, a brand owner that specializes in supply chain management, is diversifying into the cryptocurrency sector. On April 21, the company announced a $100 million raise, with over 90% earmarked for building a Solana (SOL) treasury strategy.
After the announcement, shares of Upexi have skyrocketed from a $2.30 close on April 17 to $16.79 at this writing, marking a 632% jump for the day.
Many “prominent” crypto venture capitalist firms participated in the $100 million raise, according to an announcement. Backers include the family office of Arthur Hayes, Delta Blockchain Fund, Delphi Ventures, Hivemind, Borderless, and White Star Capital, among others. The round was completed with a sale of around 44 million shares of common stock at a price of $2.28.
