Upexi makes bold move into crypto with $100M Solana treasury, boosting its stock price and positioning itself as a key player - IcoHolder.

Upexi, a Nasdaq-listed consumer goods company, has made a bold foray into the crypto space, leading to a significant surge in its stock price. The company’s shares skyrocketed by 335%, jumping from $2.28 to $9.89, and at one point briefly hitting $22, after it revealed plans to establish a $100 million corporate treasury funded by Solana (SOL). This marks a major shift for Upexi, as it looks to diversify its financial strategy and tap into the growing digital asset market.

Of the $100 million raised, $5.3 million will be allocated to supporting Upexi's core operations and reducing debt, while the majority will be used to establish a cryptocurrency treasury centered around Solana. The company’s decision to focus on Solana signals its strong confidence in the blockchain’s long-term potential. The funding round, which attracted major crypto investors such as GSR, Big Brain, and Delphi Ventures, is expected to close by April 24.

Beyond just holding digital assets, Upexi is also entering the mining sector. Its crypto division, Quantum Hash, plans to acquire a 2MW mining facility, with further expansion plans set for 2025. This move highlights Upexi’s ambition to play a more active role in the broader blockchain ecosystem.

Upexi’s crypto strategy follows a path similar to that of MicroStrategy, now known as Strategy, the tech company led by Michael Saylor, which has invested billions in Bitcoin. Other firms, such as Japanese investment firm Metaplanet, are also following suit by adding large amounts of digital assets to their portfolios, positioning crypto as a strategic reserve asset.

The growing institutional interest in Solana is evident, with real estate tech firm Janover recently adding $10.5 million in SOL to its corporate treasury. Janover’s stock surged dramatically following the announcement, further demonstrating the increasing appeal of Solana among institutional investors.

With its significant shift into digital assets and backing from major crypto players, Upexi is positioning itself as a serious player in the evolving crypto landscape. As Solana continues to gain momentum, Upexi’s move into the space could be a sign of more traditional companies embracing blockchain and digital assets as part of their strategic plans.