Upexi Completes $150M Convertible Note Offering to Double Solana Treasury

Upexi Inc. (Nasdaq: UPXI) has successfully closed a $150 million convertible note offering that more than doubles the company's Solana (SOL) treasury holdings, marking another significant milestone in its cryptocurrency-focused strategy, the company announced on Thursday.

The Tampa-based consumer products company announced Thursday that it raised the funds through convertible notes backed by SOL tokens from institutional investors and qualified purchasers. Combined with a previously disclosed $50 million equity raise, Upexi secured approximately $200 million in total gross proceeds.

The convertible notes carry a 2% annual interest rate paid quarterly, feature a fixed conversion price of $4.25 per share, and mature in 24 months. Notably, the notes are collateralized by SOL tokens provided by the investors themselves.

Following the transaction's completion, Upexi's Solana treasury has grown to approximately 1.65 million SOL tokens, representing a substantial increase from its previously reported balance of 735,692 SOL. At current market prices, this positions the company as one of the larger corporate holders of Solana.

Big Brain Holdings led the investment round alongside other institutional participants. A.G.P./Alliance Global Partners served as the sole placement agent for the offering.

The funding represents the latest chapter in Upexi's transformation from a traditional consumer products company into a crypto-focused treasury play. In April, the company received a $100 million investment from crypto trading firm GSR, which sent its stock price surging over 700% in a single day.

Upexi's strategy centers on accumulating and staking Solana tokens to generate long-term appreciation and passive income for shareholders. The approach mirrors similar moves by other publicly traded companies, including Janover Inc. (NASDAQ: JNVR), which adopted a comparable Solana-focused treasury strategy earlier this year.

The company's pivot comes as traditional corporations increasingly seek direct exposure to cryptocurrency returns through treasury strategies, moving beyond Bitcoin to embrace alternative digital assets like Solana. The blockchain's speed, scalability, and growing developer ecosystem have made it an attractive choice for institutional adoption.

Upexi's consumer products portfolio includes medicinal mushroom gummies, pet care products, and caffeine alternative supplements, though the company's market attention has shifted primarily to its cryptocurrency operations since announcing the treasury strategy.

At the time of publication, SOL was changing hands at $179.51, or 5.19% up in 24 hours, while UPXI closed the Thursday trading session at $7.24, down $0.02 (-0.28%).