Upexi Raises $200 Million to Double Solana Stash and Lead Treasury Arms Race

Just days after DeFi Dev Corp. acquired an additional ~153,225 $SOL and became the publicly traded company with the largest $SOL holdings, Upexi, Inc., a consumer product brand owner expanding its exposure to digital assets, announced a $200M concurrent private placement to further acquire $SOL and support its business operations.

The funding consists of a $150 million convertible note round led by Big Brain Holdings and a $50 million equity offering.

The $50 million equity raise involves the sale of 12,457,186 shares of common stock or equivalents at $4.00 per share, with management (including CEO Allan Marshall) participating at a higher price of $4.94 per share. The offering price exceeds the company’s market price, which places it above the at-the-market threshold set under Nasdaq rules. Upexi expects to close the equity offering on or about July 14, 2025, pending customary conditions.

Note Offering Collateralized by Solana

In parallel with the equity round, Upexi has entered into agreements for a $150 million convertible note offering. This tranche targets institutional investors and qualified purchasers, with Big Brain Holdings taking the lead investment role. The notes carry a fixed conversion price of $4.25 per share and a two-year maturity, with interest set at 2.0% paid quarterly.

One notable aspect of this deal involves the collateral. Investors are securing their notes using locked and spot Solana tokens. Once the offering closes, Upexi will take ownership of the $SOL used as collateral, integrating it directly into its expanding treasury. The company expects the note offering to close on or about July 16, 2025.

From 700k to 1.65m $SOL Tokens

Upon completion of the note offering, Upexi anticipates its total Solana holdings will exceed 1.65 million tokens. This marks a significant increase from its previously disclosed balance of 735,692 $SOL. The equity proceeds, which are not tied to the note collateral, will partially fund ongoing operations and general corporate needs. However, a substantial portion will go toward acquiring even more $SOL in the open market.

This dual approach signals a deliberate treasury strategy centered around Solana. By using both direct purchase and investor-contributed tokens, Upexi appears to be positioning itself as a notable $SOL holder among public companies.

Regulatory Context and Market Reception

The securities issued in both offerings will not be registered under the Securities Act of 1933. They are being offered in private placements and cannot be publicly sold in the United States without either registration or an exemption. Alliance Global Partners is serving as the sole placement agent for both components of the capital raise.

Market watchers may see this as an effort to align traditional consumer-facing operations with a blockchain-based treasury model. Upexi’s strategy reflects a growing trend among publicly traded firms experimenting with digital asset integration, although such moves carry unique risks tied to regulatory developments and market volatility.

Plans to Lead the SOL Treasury Arms Race

As Upexi prepares to finalize both legs of its $200 million raise, its expanded Solana treasury may offer new strategic flexibility. Whether the company intends to stake, lend, or simply hold the $SOL assets remains to be seen. What is clear, however, is that Upexi is positioning itself at the forefront of the ongoing $SOL treasury arms race.

Competition among publicly traded firms to accumulate Solana continues to be intense. Defi Dev Corp raised the bar with a recent purchase of approximately 153,225 $SOL, bringing its total to around 846,630 $SOL, currently valued at $141 million. That made it the company with the largest publicly known $SOL reserves.

Upexi, now planning to raise its treasury to approximately 1.65 million $SOL, aims to overtake that benchmark decisively. Its current holding of 735,692 $SOL already places it in close contention, with a valuation exceeding $122 million. Sol Strategies, another active participant, holds 418,260 $SOL worth over $69 million.

With this aggressive expansion, Upexi is signaling its intention to be the dominant $SOL holder among public companies. The market will be watching whether this push secures a lasting lead or fuels further competition in the treasury accumulation race.

Read More on SolanaFloor

BIT Mining Limited Announces $200m-$300m Strategic Expansion into Solana Ecosystem

Upexi and DeFi Dev Corp. Stocks Both Take Massive Hits as SEC Declare Share Registrations Effective

The Solana Launchpad War is in Full Effect