Mentioned:
UPXI -7.48% DFDV -5.32%
A new company on the Nasdaq is coming after massive Solana accumulation. And some of the biggest investors in crypto are backing it.
What’s happening:
- Upexi (NASDAQ: UPXI) has raised $100M USD in a new equity financing round to begin purchasing and staking Solana
Why it matters:
- The new funding round was led by prominent crypto trading company GSR as well as notable digital asset venture capital funds including Delphi Ventures, Big Brain and White Star Capital
Going deeper:
- BitMEX co-founder Arthur Hayes also participated in the Upexi financing round through his family office Maelstrom
- Upexi will use approximately $5M USD to reduce previous debts and liabilities, with the rest of the new capital going directly into acquiring Solana
The intrigue:
- This is not the first time that there has been a large financing round into a company on the Nasdaq focused on buying and holding Solana, with Janover (NASDAQ: JNVR) just recently landing $42M USD from Kraken and Pantera Capital
The fine print:
- It remains unclear if Upexi will be exclusively focused on holding and staking Solana moving forward as Upexi initially went public as a functional mushroom nutraceutical company and also recently entered into a purchase agreement for a Bitcoin mining facility
