If completed, the initiative would make Upexi one of the first public companies to adopt Solana as a core treasury holding.

Upexi (UPXI) shares surged as much as 600% on Monday morning after the micro-cap consumer products company announced a $100 million private placement to fund the acquisition of Solana (SOL) and support a broader shift to a cryptocurrency-based treasury strategy.

The Tampa-based company, whose market capitalization was just $3 million as of Friday’s close, said it reached agreements with investors to sell approximately 43.9 million shares of common stock or pre-funded warrants at $2.28 per share. The offering is expected to close on April 24.

Roughly $5.3 million of the proceeds will be allocated to working capital and debt reduction. The remainder will be used to purchase Solana and establish a Solana-denominated treasury reserve, the company stated.

Although Upexi markets itself as a brand owner and distributor of consumer products, it has been pivoting toward digital assets. 

In March, its subsidiary, Quantum Hash, signed a letter of intent to acquire a 2-megawatt (MW) cryptocurrency mining facility. The company aims to scale its operation to between 10 MW and 20 MW by 2025.

If completed, the initiative would make Upexi one of the first public companies to adopt Solana as a core treasury holding, alongside Janover, a real estate software company that has recently transitioned to a Solana-based treasury. 

Earlier this month, it announced plans to rebrand as DeFi Development Corporation after former Kraken executives acquired a controlling stake and injected $42 million in capital. 

Last week, Janover doubled its Solana holdings to 163,651 SOL, valued at $21.2 million, after purchasing 80,567 SOL for $10.5 million.

Solana’s price is down 26% in 2025 and has fallen more than 8% over the past 12 months. 

Meanwhile, after Monday’s rally, Upexi’s stock is up 354% in 2025 and 71% over the past year.

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