Upexi Raises $23 Million to Expand Solana Treasury Position

TLDR:

• Upexi seeks up to $23 million to expand its Solana treasury and support corporate operations.
• The raise includes $10 million upfront and up to $13 million from warrant exercises at $4.00.
• Pricing at $3.04 sits above the company’s at-the-market value under Nasdaq rules.
• Upexi plans to file an SEC resale registration within five days of the deal closing.

Upexi has launched a new private placement to raise fresh capital for its Solana treasury strategy. 

The company is targeting up to $23 million through a mix of common stock and warrants. It expects to secure $10 million upfront and the remaining $13 million from warrant exercises. The plan follows steady growth in its Solana holdings and rising demand for institutional crypto treasuries.

Upexi Private Placement Targets $23 Million for Solana Strategy

According to SolanaFloor, Upexi currently holds more than 2 million SOL, positioning it among the largest Solana-focused corporate treasuries. 

The company intends to use the new capital to expand that position while supporting operational needs. Its securities purchase agreement includes 3,289,474 shares and the same number of warrants priced at $3.04 per unit.

Upexi stated in its release that the offering price sits above its at-the-market level under Nasdaq rules. The warrants carry a $4.00 exercise price and remain valid for 48 months. The company said it expects the initial closing to occur around December 1, pending final conditions.

SolanaFloor emphasized the scale of Upexi’s crypto exposure as the raise was announced. The firm’s holdings have been part of a multi-year strategy aligned with the broader Solana market. Upexi plans to channel proceeds into what it calls a maximum return Solana strategy that it manages internally.

The company also addressed its registration commitments following the private placement. It plans to file a resale registration statement within five days of closing. The filing will cover both the new common stock and shares tied to the warrants.

Funding Structure Builds on Upexi’s Existing Solana Position

The deal brings one institutional investor into the round, according to the announcement. 

A.G.P./Alliance Global Partners is acting as the placement agent. Upexi expects net proceeds after fees to go toward working capital and general corporate requirements alongside its Solana program.

The company highlighted that the $3.04 pricing reflects a premium to its fully loaded NAV calculation. That premium aligns with the company’s view of its Solana exposure per share. The structure is designed to be accretive at the treasury level if warrant exercises reach the full $13 million.

The statement also outlined the regulatory terms of the offering. The securities remain unregistered at issuance and fall under private placement exemptions. Any public sale will require the SEC to declare the registration statement effective.

SolanaFloor’s update noted growing interest in Solana-centric corporate treasury models. Upexi has leaned into that trend through consistent accumulation and an emphasis on regulated equity offerings. Its latest move builds on that path with one of its largest raises to date.

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