Consumer products company Upexi is bolstering its Solana treasury, raising $200 million to fund business operations as well as further SOL purchases, it announced on Friday.
The funds will come from two separate financing vehicles, with $50 million in net proceeds expected via an equity offering and $150 million from the sale of convertible notes. Each offering is expected to close next week.
“Today, we announced a blockbuster deal with a $150 million in kind convertible note led by Big Brain Holdings and a $50 million equity private placement,” the firm posted on X. “Net proceeds will be used to buy more SOL.”
Today we announced a blockbuster deal with a $150m in kind convertible note led by @BigBrainVC and a $50m equity private placement.
Net proceeds will be used to buy more SOL. pic.twitter.com/TwyLgvo4nK
— Upexi (@UpexiTreasury) July 11, 2025
The $150 million convertible note offering will be collateralized via locked, spot SOL provided by the purchasers of the convertible notes, which have a 2-year maturity and 2% interest rate, payable quarterly.
Upon the completion of the note offering, the SOL will become a part of Upexi’s Solana treasury.
The firm first announced its intentions to build a digital assets treasury centered on Solana back in April, raising $100 million in funding to fuel its first purchase. That raise sent shares of UPXI, which trades on the Nasdaq, up more than 300% in a single day of trading.
With the latest additions, it anticipates having approximately 1.65 million SOL in its treasury, or around $270 million worth of the top 10 crypto asset. At 1.65 million SOL, Upexi would hold nearly two times the amount of Solana as the other prominent, publicly traded Solana treasury, DeFi Development Corporation (DFDV).
Shares of UPXI didn’t react quite as violently as the news of its first raise, jumping 7.8% on the day to $5.39, as of Friday’s close.
UPXI is down nearly 58% in the last month following its first spike, which ultimately peaked at $22.57, according to data from Google Finance. Nevertheless, shares are up nearly 53% year-to-date.
Solana is up 3% in the last 24 hours and is trading at $164.29. SOL hit its highest price in a month earlier Friday as Bitcoin spiked to yet another all-time high mark.