Upexi, Inc. (NASDAQ: UPXI) completed a private placement that will raise up to $23 million in gross proceeds. The company sold 3,289,474 shares of common stock at $3.04 per share and issued an equal number of warrants that give the holder the right to purchase an additional 3,289,474 shares at an exercise price of $4.00. The transaction is priced at a 1.3‑times premium to the company’s fully‑loaded net asset value and is expected to close on or around December 1, 2025.
The capital raise comes at a time when Upexi’s traditional revenue streams have been under pressure. In the third quarter of 2025 the company reported revenue of $3.16 million, a 39% decline from $5.22 million in the same period a year earlier. Earlier in the year, first‑quarter revenue reached $9.20 million, but the company has not yet posted a full‑year figure. The decline reflects a broader slowdown in the consumer‑products segment that Upexi previously relied on, prompting a strategic pivot toward digital‑asset holdings.
The proceeds will be used to strengthen working capital, fund general corporate purposes, and expand the company’s Solana‑focused treasury. Upexi currently holds more than two million SOL tokens and has positioned staking and other on‑chain activities as a primary source of revenue. By raising additional capital at a premium, the company can accelerate the acquisition of SOL, increase staking participation, and capture unrealized gains on its digital‑asset portfolio, which have become a significant contributor to profitability in recent quarters.
CEO Allan Marshall emphasized that the private placement demonstrates investor confidence in the Solana strategy. “The pricing above market and at a premium to NAV reflects the market’s belief in the long‑term upside of our Solana treasury,” Marshall said. He added that the capital infusion will allow Upexi to scale its staking operations and pursue additional opportunities within the Solana ecosystem.
The transaction underscores Upexi’s continued commitment to its digital‑asset transformation. While the company’s legacy revenue streams remain volatile, the private placement provides the liquidity needed to sustain and grow its Solana holdings, which have already begun to offset losses in other areas. The move signals that Upexi is prioritizing a high‑yield, blockchain‑based business model over its former consumer‑products focus.
Overall, the private placement positions Upexi to capitalize on the growing demand for staking and other Solana‑related services, while providing a buffer against the cyclical nature of its legacy revenue. The company’s ability to secure financing at a premium suggests that investors view the Solana strategy as a viable path to long‑term value creation.
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