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GSR Anchors $100M Investment in Upexi to Purchase SOL, Stock Rockets 700%
Upexi will use the capital to build a treasury model centered on solana staking, with GSR leading the private placement.
Updated Apr 22, 2025, 2:39 p.m. Published Apr 21, 2025, 3:09 p.m.
What to know:
- Upexi plans to implement a solana-based crypto treasury strategy using funds from a $100 million private placement.
- The investment, led by GSR, signals rising interest in digital assets by public companies.
Crypto trading firm GSR led a $100 million private placement into Upexi (UPXI), a consumer-goods company pivoting to a digital asset-based treasury strategy.
The company, whose products include medicinal mushroom gummies and pet-grooming tools, said it will use the capital to accumulate and stake solana (SOL) tokens. The Tampa, Florida-based company had a market cap of $3 million on Friday.
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The investment, structured as a private investment in public equity (PIPE), comes as Upexi shifts from physical product manufacturing to managing part of its balance sheet using Solana, a high-speed blockchain known for low fees and fast settlement, according to a press release.
The investment announcement sent Upexi’s stock soaring more than 700%, from around $2.30 to $19 at the time of writing.
GSR’s involvement points to a growing overlap between public markets and blockchain finance.
“This investment highlights the growing demand for efficient, secure access to high-quality crypto assets in public markets” Brian Rudick, GSR’s head of research, said in a statement.
Solana Foundation president Lily Liu said the deal marked another step in connecting traditional financial firms with decentralized infrastructure.
The move “underscores GSR’s confidence in Solana as a leading high-performance blockchain,” the finance company said in a release.
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