Upexi Shares Rise After 100,000 Solana Purchase

By Chris Wack

Upexi shares rose 14%, to $8.55, after the company said it bought 100,000 solana, bringing its treasury holdings to 1.82 million of the cryptocurrency worth $331 million.

The Tampa, Fla., company on Monday said the recent purchase, made on July 17, follows the successful closing of a $200 million private placement for equity and convertible notes last week.

The 1.8 million solana were acquired for $273 million and are valued at $331 million, for an unrealized gain of $58 million, inclusive of both SOL appreciation and the locked SOL discount, Upexi said.

Based on the current price of solana and an 8% yield, Upexi anticipates it may generate up to $26 million in annual staking revenue based on current solana holdings.

Solana was trading at $!92.88 at 9:45 a.m. ET, up 37% in the past month.

Write to Chris Wack at chris.wack@wsj.com