Upexi's Market Cap Increases After Switching to Solana Reserve Strategy
Date: 2025-04-22 Author: Oliver Abernathy Categories: BUSINESS
Consumer goods company Upexi has announced plans to use the Solana cryptocurrency as a reserve asset. The news has caused a stir in the market, with the company's shares rising by more than 580%, and at its peak, growth reached 746%.
The sudden increase in investor interest was the result of a $100 million private funding round organized by market maker GSR. Of this amount, the company will use about $5.3 million to improve its financial performance: replenish working capital and reduce debt obligations. The bulk of the funds will be used to acquire SOL, part of which is planned to be used for staking in the future.
According to Brian Rudick, the head of research at GSR, the choice in favor of Solana is due to its high transaction speed, scalability, and actively developing ecosystem. These characteristics make Solana attractive to companies focused on long-term digital development.
Upexi's market capitalization was approximately $3 million at the close of trading on April 17. However, after the announcement of the strategy using cryptocurrency, the situation changed dramatically - the shares experienced rapid growth, exceeding all analysts' expectations.
Other companies are also showing interest in Solana as a reserve asset. For example, Janover, a company specializing in commercial lending, also included SOL in its strategy. Its balance sheet currently contains about 83,000 Solana coins, which is equivalent to $11.57 million.
The overall interest of businesses in crypto assets is growing rapidly. In particular, Bitwise previously reported that public companies collectively own 688,000 BTC, which is currently valued at over $60 billion. Moreover, according to the forecast of Architect Partners partner Elliot Chun, a quarter of the companies from the S&P 500 index may add Bitcoin to their balance sheets as a long-term asset by 2030.
Not long ago, VanEck analysts also expressed confidence in Solana's prospects, predicting its value to rise to $520 by the end of 2025.
