arbaloch99.tk@gmail.com
Stocks of Upexi Inc. surged more than 630% on April 21 after a NASDAQ-registered company announced plans to use new salary increases to build a Solana (SOL)-based cryptocurrency ministry.
The $100 million private investment in Public Equity (PIPE) was fixed by GSR, a leading crypto trade and investment company, and included support from Maelstrom Capital, Delta Blockchain Fund, Delphi Ventures, Hivemind Ventures, Borderless Capital and White Star Capital.
This move presents a critical pivot towards digital asset management for businesses known to specialize in the development, manufacturing and distribution of consumer products.
An institutional push to Solana
Upexi shares jumped from $2.30 at the end of April 17 to $16.79 on April 21. It jumped to $16.79 on April 21 after the company disclosed that it would be allocated to the accumulation of Solana (SOL), a native token for high-performance blockchains, and staking solana (SOL).
The company said the strategy is intended to generate long-term valuations and yields for shareholders and emulate other publicly traded companies that have adopted a crypto-based financial model.
GSR said the move highlights the growing institutional interest in high-performance blockchains and the traditional fiscal convergence with digital assets.
Brian Ruddick, head of GSR research, said:
“Solana’s speed, scalability and vibrant developer ecosystem are the ideal foundation for long-term growth.”
GSR President Jakob Palmstierna described the investment as part of the company’s broader mission to support builders and protocols with capital, liquidity and long-term guidance. The pay raise was completed at $2.28 with the sale of approximately 44 million shares of common stock.
Lily Liu, president of the Solana Foundation, welcomed the move, calling it a “signal of how traditional finance and debt are beginning to intersect.”
Solana joins the Corporate Treasury Trends
Upexi is one of a small, growing group of publicly traded companies that integrate Solana into their financial strategy. Earlier this month, a newly-led former Kraken executive, Janover Inc. announced its $10.5 million acquisition of Solana.
This approach is similar to the strategy that began accumulating Bitcoin (BTC) in 2020 and began catalyzing a wider corporate movement into digital assets. However, most companies focus on Bitcoin, making Upexi’s Solana-centric strategy relatively unique.
Solana has emerged as one of the biggest winners in the latest market cycle due to low transaction costs, high throughput and rising developer activity. Its ecosystem spans everything from Memecoin to decentralized infrastructure, making it an attractive financial asset for businesses seeking exposure to blockchain-based growth.
Despite a 34.8% profit falling to $3 million year-on-year in the fourth quarter of 2024, Upexi’s strategic pivot recreated investor interest. The explosive rallies of stocks show Wall Street’s appetite for the crypto integrated business model.
