Source: Cointelegraph Original: "{title}"
Upexi is a brand owner focused on supply chain management, now diversifying into the cryptocurrency space. The company announced on April 21 that it has raised $100 million, with over 90% allocated to building a Solana treasury reserve strategy.
Following the announcement, Upexi's stock price soared from $2.30 on April 17 to its current price of $16.79, marking a single-day increase of up to 632%.
Many "well-known" crypto venture capital firms participated in this $100 million funding round, with supporters including Arthur Hayes' family office, Delta Blockchain Fund, Delphi Ventures, Hivemind, Borderless, and White Star Capital. The funding was completed through the sale of approximately 44 million shares of common stock at an issuance price of $2.28.
According to Upexi's recent financial report, the company achieved a profit of $3 million in the fourth quarter of 2024, a year-on-year decline of 34.8%, which translates to a decrease of $4.6 million.
Company Mimics Strategy
Strategy (formerly MicroStrategy) is one of the first mainstream companies to adopt a cryptocurrency treasury reserve strategy. It began purchasing Bitcoin (BTC) in August 2020, and since then, its stock price has significantly increased. Currently, over 13,000 companies are exposed to Strategy's investments.
Other companies have also followed Strategy by adopting Bitcoin reserve strategies, including Metaplanet, which surpassed $400 million in Bitcoin holdings on April 21, and Semler Scientific, which reported a paper loss on its Bitcoin holdings on April 16.
Among the companies choosing cryptocurrency reserve strategies, few have adopted currencies other than Bitcoin. One of them is Janover, which was taken over by a former Kraken executive on April 7. Like Upexi, Janover is also adopting a Solana reserve strategy and acquired $10.5 million worth of SOL on April 15.
SOL is the native token of the Solana blockchain. The network has been regarded as an "Ethereum killer," and its fast transaction speeds based on a historical proof consensus mechanism have made it shine in the latest bull market, benefiting from use cases such as meme coins and decentralized infrastructure applications.
Related: Paul Atkins, nominated by Trump, has been sworn in as SEC Chairman.
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