Solana Gains as Upexi Bets Big on Crypto Treasury Strategy with $200M Raise
Solana (SOL) continued its upward climb, rising from $156.45 to $166.65 over the past day, fueled by surging trading activity and significant corporate accumulation. As of writing, SOL is trading around $166.28, marking a 6.23% gain in 24 hours, per CoinDesk Research’s technical analysis.
Driving some of this momentum is Upexi (NASDAQ: UPXI), a Tampa-based consumer brands firm, which announced Friday it secured roughly $200 million in fresh capital through a combination of equity and convertible notes. Part of the proceeds will fund Upexi’s operations, while a substantial chunk is earmarked for bolstering its crypto treasury—specifically its holdings of Solana.
Details of the Funding:
- Equity raise: $50 million from accredited and institutional investors, selling shares at $4.00 each. Company insiders, including CEO Allan Marshall, purchased shares at a premium price of $4.94. The equity deal is expected to close around July 14.
- Convertible notes: $150 million raised through notes backed by SOL as collateral, offering a 2% annual interest rate. The notes can convert into Upexi stock at $4.25 per share and mature in 24 months. Closure is anticipated by July 16, after which the associated SOL will join Upexi’s treasury reserves.
In late June, Upexi reported it held 735,692 SOL as of June 24—a rise of 8% from the 679,677 SOL held in late May. Following the new financing, the company expects to more than double its SOL holdings.
The offerings were conducted privately and are not registered with the SEC.
Technical Analysis Highlights:
- SOL surged 6.52% in 24 hours, moving from $156.45 to $166.65, with a trading range spanning $10.99.
- Notable accumulation occurred around $160.31, where volume hit 3.23 million tokens—more than double the daily average of 1.34 million.
- Resistance levels near $165.30 faced repeated tests before SOL decisively broke above $166 on volume of 2.26 million, signaling persistent bullish sentiment.
- SOL established solid support at $164.30, trading tightly between $164.24 and $166.76 in the final hour of trading.
- The technical setup suggests Solana could advance toward the next psychological target of $170 if the bullish momentum continues.
Upexi’s aggressive move to expand its SOL treasury reserves underscores growing corporate interest in crypto assets as strategic reserves—adding a new narrative to Solana’s price strength and future prospects.
