Upexi Inc., the Florida-based consumer products company, has planned to raise $200 million to expand its Solana holdings. The firm intends to raise the capital via further equity and convertible note offerings. The move is set to increase Upexi’s SOL balance to 1.65 million, which will result in more than doubling its current holdings of 735,692 SOL.
As per the company’s release, the first part of the plan involves a $50 million equity raise. Upexi is selling 12.45 million shares at $4.00 each, with CEO Allan Marshall buying in at $4.94. The second part includes a $150 million convertible note offering backed by locked and spot Solana (SOL) balance. These notes carry a 2% annual interest, a $4.25 conversion price, and will mature in 24 months.
Expanding the Solana Treasury
Upexi expects to close both offerings by mid-July. The equity portion will help fund operations, while the rest targets more Solana purchases. Moreover, the SOL received from the Note Offering will go straight into the company’s treasury.
The company already manages a crypto portfolio as part of its cash strategy. Notably, Solana’s price is at $160.48, down 4.18% in 24 hours, showing volatility that Upexi seems willing to ride.
Meanwhile, Grayscale continues to push the SEC to approve its Solana ETF. The regulator’s delay, according to Grayscale, is harming investors. Despite regulatory uncertainty, Upexi appears undeterred.
Also Read: SharpLink Buys Another $73M in ETH, Stock Jumps 10% in 24 Hours
