Upexi Inc. surged more than 450% in trading on Monday after crypto investment firm GSR announced a $100 million private investment in the company.
The funding will support Upexi’s shift toward a cryptocurrency-based treasury strategy, according to a company press release.
The investment, made via a private investment in public equity, marks GSR’s latest move to integrate traditional finance with digital assets.
Upexi, a consumer product brand owner, said it plans to accumulate and stake Solana (SOL) to generate long-term returns for shareholders.
After the news broke, the stock soared to $13.95 on Monday.
“This investment highlights the growing demand for efficient, secure access to high-quality crypto assets in public markets,” said Brian Rudick, Head of Research at GSR.
Jakob Palmstierna, GSR President, said the deal reflects the firm’s “deep belief in the future of DeFi” and commitment to providing capital, liquidity, and strategic support.
Solana as a treasury asset
Upexi’s strategy could position it as one of the first public companies to adopt Solana as a core treasury asset.
The recent move mirrors that of Janover, a lesser-known real estate software company. On April 7, Janover announced that former Kraken executives had acquired a controlling stake and secured $42 million in funding.
The company revealed its intention to rebrand as DeFi Development Corporation and integrate Solana’s SOL token as its primary treasury asset.
Following this announcement, the company’s stock price skyrocketed from $4.44 to close at $40.25, representing a remarkable 842% gain.
Janover’s stock hit $79.50 in mid-April, up over 1200%, but is currently trading at $49.50.
GSR’s backing of Upexi adds to a wave of institutional efforts to invest capital in blockchain ecosystems, particularly Solana, which has recently seen a surge in developer activity and ecosystem growth.
The move also drew support from the Solana Foundation. President Lily Liu noted it as a sign of increasing institutional interest in blockchain infrastructure and the convergence of traditional finance and decentralized finance.
