Crypto Trading Firm GSR led a $100 million private placement for Upexi (UPXI), a consumer good company that pivots to digital asset-based financial strategies.
The product, which includes medicinal mushroom gummy and pet grooming tools, said it will use the capital to accumulate and stake Solana (SOL) tokens. The Tampa, Florida-based company had a market capitalization of $3 million on Friday.
According to a press release, investments made up of private investments in Public Equity (Pipe) will manage part of the balance sheet from physical product manufacturing using Solana, a high-speed blockchain known for its low fees and fast payments.
With the investment announcement, Upexi’s shares have skyrocketed over 700% from around $2.30 to $19 at the time of writing.
Upexi stock price. (TradingView)
GSR involvement indicates an increase in overlap between open markets and blockchain finance.
“This investment highlights the growing demand for efficient and secure access to high-quality crypto assets in the public market,” GSR research director Brian Ruddick said in a statement.
Solana Foundation Chairman Lily Liu said the transaction marked another step in linking traditional financial companies with decentralized infrastructure.
The move “emphasizes GSR’s Solana’s confidence as a major high-performance blockchain,” the finance company said in a release.
