Upexi Shares Surge 583% Following Solana Reserve Strategy Adoption

Market maker GSR led a $100 million private funding round for consumer goods manufacturer Upexi, which plans to acquire Solana as a reserve asset.

According to Bloomberg, the company’s market capitalization was approximately $3 million as of the close on April 17.

At the time of writing, the firm’s shares had surged by 582.7%. At their peak, the increase reached 746.5%.

Upexi’s management plans to expand its position and stake the held coins.

“The speed, scalability, and dynamic developer ecosystem make Solana an ideal foundation for long-term growth,” commented GSR’s Head of Research, Brian Rudick.

Of the $100 million raised, the firm will allocate approximately $5.3 million to bolster working capital and reduce debt, with the remainder earmarked for purchasing SOL.

Besides Upexi, Janover, a commercial real estate financing firm, has approved a similar strategy to create a reserve in Solana. It holds 83,000 SOL ($11.57 million) on its balance sheet.

Earlier, Bitwise estimated the bitcoin reserves of public companies at 688,000 BTC ($60.65 billion).

Architect Partners’ Elliot Chun suggested that by 2030, a quarter of S&P 500 companies might include the leading cryptocurrency in their balances as a long-term asset.

Back in February, VanEck forecasted Solana’s rise to $520 by the end of 2025.