- Upexi raised $100M to build a Solana-based treasury and staking strategy with backing from GSR and other major firms.
- Institutional interest in Solana continues to grow with support from Ark Invest, Janover, and Astra Fintech across multiple initiatives.
A surprising move came from Upexi Inc., a NASDAQ-listed consumer products company. They recently announced that they have raised $100 million through a private placement to buy and stake Solana (SOL) tokens.
Not only that, the funds will also be used to build a crypto-based cash system with Solana as its centerpiece. Imagine if a regular consumer goods company suddenly changed course and entered the crypto space. This is what happened.
BREAKING: NASDAQ-LISTED UPEXI RAISES $100M FOR SOLANA INVESTMENT
Source: @SolanaFloor pic.twitter.com/9noVJPvL2B
— Mario Nawfal’s Roundtable (@RoundtableSpace) April 21, 2025
What makes it even more interesting is that a small portion of the funds—around $5.3 million—will be used for operational needs and debt repayment. The rest is fully focused on the SOL accumulation and staking strategy. Upexi CEO Allan Marshall even personally contributed to this funding. The round was led by GSR, with support from Big Brain Holdings, Hivemind, White Star Capital, and others.
Upexi doesn’t seem to want to just follow the trend. They are serious about forming a crypto cash like MicroStrategy did with Bitcoin, but this time they chose Solana as their weapon.
Solana Interest Explodes from Multiple Directions
Upexi’s move isn’t the only big story on Solana this week. CNF reports that Ark Invest has also begun adding exposure to SOL in two of its thematic ETFs. This comes shortly after Canada gave the regulatory green light to a staking-based Solana ETF—which happens to be the world’s first spot Solana ETF. This move certainly adds credibility to the Solana ecosystem in the eyes of institutional investors.
Furthermore, real estate technology company Janover Inc. has also entered the same space. On April 15, 2025, they announced the purchase of 80,567 SOL tokens worth around $10.5 million as part of their digital cash strategy. With that accumulation, their total holdings have increased to over 163,000 tokens.
Not only that, Janover will also become a validator on the Solana network. The goal? Earning income from staking and helping to maintain the security of the network.
Institutions Are Shifting Their Focus Fast
If you think this trend will die down soon, hold on. Astra Fintech recently launched a $100 million dedicated fund to support projects in the Solana ecosystem. Their focus is on Asia, with initiatives like Seoulana designed to expand the reach of projects like Mulex, DEPE, and MoNE.
Astra has even begun integrating Banana Pay into their PayFi strategy, bridging the traditional financial world with blockchain transactions.
Upexi may seem like a new player, but it’s certainly not a pushover. With SOL currently sitting at around $139.13 and daily trading volumes reaching $3.84 billion, all eyes are on the project. Especially considering that many institutions are now choosing SOL over other options.
