Upexi shares soar 335% on Solana's treasury announcement

Upexi, a US public firm, has unveiled plans to create a Solana-based corporate treasury, dedicating $90 million of the $100 million it recently raised to this initiative. The majority of funds will be used to acquire and hold SOL tokens, making it one of the largest efforts of this kind among Nasdaq-listed companies.

In response to the announcement, Upexi's stock skyrocketed by 335%, closing at $9.89 on Monday. During the trading session, shares peaked at $22, its highest level in over a year. The funding round was spearheaded by GSR, with participation from prominent crypto investment firms such as Delta Blockchain Fund and Delphi Ventures.

Upexi's decision reflects a broader trend among public companies, inspired by MicroStrategy's plan to accumulate Bitcoin as a corporate reserve starting in 2020. Other firms, such as Janover and Metaplanet, are pursuing similar crypto-focused strategies. 

The company emphasized that this new approach is likely to enhance its financial flexibility and strengthen its involvement in the rapidly growing Solana ecosystem, as reported by Decrypt.