Upexi raises $200 million to boost Solana treasury

Raising $200 million to increase SOL treasury

Upexi’s $200 million raise to buy an additional 1.1 million SOL is a strategic move to transform the company from an e-commerce and healthcare company into a “Solana treasury company.” According to the official announcement, the funding includes $120 million from equity issuance and $80 million from convertible bonds, with participation from institutional investors such as Galaxy Digital and Pantera Capital.

With a total expected SOL holding of 2.3 million coins, worth approximately $340 million at the current price of $148/coin (according to CoinGecko, July 12, 2025), Upexi surpasses companies such as Bit Digital (1.5 million SOL) and becomes one of the largest SOL holders on Nasdaq. This move not only increases the value of Upexi's assets but also increases the price of UPXI shares, which have increased by 15% in this morning's trading session, reaching $3.45, reflecting optimism from the market.

CEO Allan Marshall emphasized that the strategy is to “capitalize on Solana’s growth potential and generate passive income from staking.” With SOL staking yields ranging from 5-7% per year, Upexi could generate $17-24 million in annual profits, reducing its dependence on e-commerce revenue, which is down 12% in Q1 2025.

Solana is the strategic focus of Upexi

Upexi’s decision was driven by Solana’s potential as a leading Layer-1 blockchain. Solana currently processes over 2,000 transactions per second (TPS) with an average fee of just $0.01, outperforming Ethereum (15 TPS, $5-20 gas fee) and BNB Chain (500 TPS, $0.05 fee), according to DefiLlama and CoinGecko. The Solana ecosystem, with $5.8 billion in total value locked (TVL) and over 2,500 DeFi protocols, has seen a boom in memecoins and RWA projects, such as BioSig’s tokenized gold and Streamex, pushing SOL’s price up 22% over the past month.

In addition, Upexi has partnered with the Solana Foundation and used custody services from Anchorage Digital to ensure safety and regulatory compliance, increasing investor confidence. Support from investment funds such as Galaxy Digital, which has invested $100 million in Solana Ventures, shows the growing trend of institutionalization. CEO Allan Marshall commented that “Solana is the ideal platform to bridge traditional and decentralized finance,” especially in the context of SOL reaching a high of $152 on July 10, 2025.

Great potential for Upexi

The SOL treasury strategy offers several benefits for Upexi. First, staking all 2.3 million SOL could generate $17-24 million in passive income per year, based on Solana’s 5-7% yield, according to data from StakingRewards. This would help Upexi offset its $8.5 million net loss in Q1 2025 from its core business, while also turning the treasury into a “self-funding machine.”

Second, this strategy has boosted the value of UPXI shares, which have increased 45% in the past 30 days to $3.45 this morning, reflecting investor confidence in SOL’s growth potential. With a correlation coefficient of 0.78 between UPXI and SOL prices over the past week, Upexi has become a Solana “proxy” on the stock market, attracting investors who want indirect exposure to SOL without owning it directly.

Ultimately, this strategy positions Upexi as a pioneer in the trend of accumulating digital assets, similar to Strategy with Bitcoin (597,325 BTC) and SharpLink Gaming with Ethereum (205,634 ETH). This could open up opportunities for partnerships with Solana ETFs or financial institutions, especially as the crypto market is seeing $1.5 billion in institutional inflows in June 2025, according to CoinShares.

Disclaimer: The information presented in this article is the author's personal opinion on the cryptocurrency field. It is not intended to be financial or investment advice. Any investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in the article do not represent the official position of the platform. We recommend that readers conduct their own research and consult with a professional before making any investment decisions.

Compiled and analyzed by HCCVenture

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