Upexi Inc. saw its stock rise more than 520% on Monday after crypto trading firm GSR announced a $100 million private investment in the company.
The investment was made through a private investment in public equity (PIPE), according to a press release issued by GSR. The funding will help Upexi shift to a new strategy that uses cryptocurrency, specifically Solana, as a core part of its financial plans.
Upexi said it plans to buy and stake Solana (SOL), as a way to build long-term value for its shareholders. The company, known for owning and managing consumer product brands, is one of the first public companies to use Solana in its treasury. Following the announcement, Upexi’s stock jumped to $14.08.
GSR’s President Jakob Palmstierna said the deal shows the firm’s belief in the future of decentralized finance (DeFi). “We’re proud to lead this investment and support a bold strategy centered around Solana,” he said in a press release.
Brian Rudick, Head of Research at GSR, added that the investment shows how demand is growing for secure and easy access to strong crypto assets in public markets. “Solana’s speed, scalability, and vibrant developer ecosystem make it an ideal foundation for long-term growth,” he said.
The Solana Foundation also welcomed the move. Lily Liu, President of the foundation, called it a clear sign that institutions are becoming more serious about blockchain. “It’s encouraging to see institutions exploring blockchain infrastructure in meaningful ways,” Liu said. She added that the partnership reflects the growing link between traditional finance and digital finance.
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