Upexi, a brand ownership company specializing in supply chain management, has officially expanded into the cryptocurrency field. On April 21, the company announced a successful fundraising of 100 million USD, with over 90% to be used for implementing a strategy to accumulate Solana (SOL).
Following this announcement, Upexi's stock surged from a closing price of 2.30 USD on April 17 to 16.79 USD, equivalent to a 632% increase in just one day.
According to the company's statement, many well-known Venture Capital firms in the crypto industry participated in this funding round, including the family office of Arthur Hayes, Delta Blockchain Fund, Delphi Ventures, Hivemind, Borderless, and White Star Capital. The fundraising was completed through the sale of approximately 44 million common shares at 2.28 USD per share.
Financially, Upexi recorded a profit of 3 million USD in the last quarter of 2024, a 34.8% decrease compared to the same period last year, equivalent to a decline of 4.6 million USD.
Strategy, formerly MicroStrategy, was one of the first public companies to adopt a cryptocurrency hoarding model in corporate treasury. The company began buying Bitcoin in August 2020, and its stock price has since increased significantly. Currently, over 13,000 companies are believed to have exposure to Strategy.
More companies are following this model, such as Metaplanet – which recently reached over 400 million USD in BTC value on April 21, or Semler Scientific – which announced unrealized losses from their BTC holdings on April 16.
However, the number of businesses investing in cryptocurrencies other than Bitcoin remains quite low. A notable case is Janover – a company recently taken over by former Kraken executives on April 7. Similar to Upexi, Janover also chose to implement a Solana accumulation strategy and purchased 10.5 million USD worth of SOL on April 15.
SOL is the native token of the Solana blockchain – a network once dubbed the "Ethereum killer" due to its fast processing speed based on the proof-of-history consensus mechanism. Solana is currently one of the blockchains benefiting most from the recent price increase, thanks to applications like meme coins and decentralized infrastructure.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should thoroughly research before making decisions. We are not responsible for your investment choices.
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