Markets, Solana, GSR, Treasury, News Upexi will use the capital to construct a treasury mannequin centered on solana staking, with GSR main the personal placement.
Crypto buying and selling agency GSR led a $100 million personal placement into Upexi (UPXI), a consumer-goods firm pivoting to a digital asset-based treasury technique.
The firm, whose merchandise embody medicinal mushroom gummies and pet-grooming instruments, mentioned it’ll use the capital to build up and stake solana (SOL) tokens. The Tampa, Florida-based firm had a market cap of $3 million on Friday.
The funding, structured as a non-public funding in public fairness (PIPE), comes as Upexi shifts from bodily product manufacturing to managing a part of its steadiness sheet utilizing Solana, a high-speed blockchain identified for low charges and quick settlement, in line with a press release.
The funding announcement despatched Upexi’s inventory hovering greater than 700%, from round $2.30 to $19 on the time of writing.
GSR’s involvement factors to a rising 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 analysis, mentioned in a press release.
Solana Foundation president Lily Liu mentioned the deal marked one other step in connecting conventional monetary companies with decentralized infrastructure.
The transfer “underscores GSR’s confidence in Solana as a leading high-performance blockchain,” the finance firm mentioned in a launch.
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