Shares surge 8-fold as Nasdaq-listed Upexi raises 140 million yen in funding and introduces Solana Financial Strategy

On the 21st, Nasdaq-listed Upexi announced that it had raised $100 million (14.1 billion yen) through private placements of equity (PIPEs). The company said it plans to use most of the money to build financial operations and accumulate assets for its cryptocurrency Solana (SOL). Following this announcement, Upexi's stock price temporarily soared by more than 700% from the previous week's closing price of about $2.30 to $19.

The fundraising was led by cryptocurrency market maker and investment firm GSR, which includes well-known cryptocurrency venture capital firms such as Delta Blockchain Fund, Delphi Ventures, and Hivemind...