Nasdaq-listed Upexi prices up to $23 million in private offerings as Solana treasuries whipsaw with crypto markets

Upexi, a Nasdaq-listed company focused on Solana holdings, has priced a private placement of up to $23 million in common stock and warrants, with $10 million upfront and $13 million contingent on warrant exercise. The offering price of $3.04 per share and warrant is above its at-the-market price and represents a premium to its modified net asset value. The net proceeds will fund general corporate purposes, working capital, and the growth of its Solana treasury. This fundraising comes as Upexi's significant SOL holdings have experienced substantial valuation swings due to crypto market volatility; the value of its SOL holdings has dropped over $200 million since September's peak, causing UPXI shares to fall nearly 40% in the last month. Despite the volatility, Upexi continues its strategy centered on long-term SOL exposure and recently launched a stock buyback program, stating the new capital will help reinforce its balance sheet and preserve funds for future Solana purchases.

(Source：The Block)