GSR helps consumer product firm Upexi create a SOL treasury with a $100 million private investment

The crypto trading and investment firm GSR is helping the consumer product firm Upexi create a Solana treasury. 

GSR led a $100 million private investment in public equity (PIPE) into Upexi to help achieve this goal, according to a release shared with The Block.

Upexi plans to not only establish its treasury but to accumulate more SOL and stake its position, the release continues. 

"This investment highlights the growing demand for efficient, secure access to high-quality crypto assets in public markets," said GSR's head of research, Brian Rudick, in a statement. "Solana’s speed, scalability and vibrant developer ecosystem make it an ideal foundation for long-term growth and we are honored to help accelerate the integration of digital assets into institutional portfolios."

Upexi, a Tampa-based firm that develops, manufactures and distributes consumer products, saw its common stock rise more than 600% this morning to trade at around $16.50, according to the stock exchange Nasdaq as of 10:32 a.m. ET. 

In June 2024, GSR stated that the Solana blockchain maintains "superior technology" and envisioned the cryptocurrency outperforming bitcoin. 

"GSR and Upexi’s announcement highlights growing interest in using Solana for real-world financial applications, and it’s another signal of how traditional finance and DeFi are starting to intersect," said Solana Foundation president Lily Liu in a Monday statement. 

Solana treasury strategies

Upexi joins other firms in creating a Solana treasury this year. On Apr. 11, the commercial property financing firm Janover revealed that it amassed 83,000 SOL for its cryptocurrency treasury, which it plans to stake. Five days later, Janover's treasury totaled 163,651.7 SOL for around $21.2 million in value.

The pivot came after a team of former executives from the crypto exchange Kraken acquired a majority stake in Janover on Apr. 7, with Janover rebranding to "DeFi Development Corporation" at a future date. Janover also penned a staking partnership with Kraken, in which Janover-operated validators will get a portion of Kraken's current and future Solana staking delegation, The Block previously reported. 

Additionally, the Canadian holding company Sol Strategies and its subsidiaries expanded their SOL holdings earlier this year, accumulating 189,968 SOL valued at around $40 million as of Jan. 31.

Solana is the sixth largest cryptocurrency by market capitalization, according to The Block's Solana price page. Solana maintains $71.5 billion market capitalization, with a single SOL token valued at $138.29 as of writing. 

Update: Includes Upexi's stock price, SOL token valuation, Lily Liu quote.