Amidst ongoing losses in its core consumer goods business, Upexi, a company listed on the NASDAQ under the ticker UPXI, is undergoing a radical transformation from "gummies to crypto."

On April 21, the crypto investment firm GSR announced a private equity investment of up to $100 million in Upexi, fully supporting its new on-chain financial strategy built around Solana.

On the day the news was announced, Upexi's stock price surged by over 600%.

GSR's investment also attracted co-investments from several well-known institutions, including Delphi Ventures, Maelstrom (Arthur Hayes' family office), Big Brain, Anagram, and several industry-leading angel investors. Lily Liu, President of the Solana Foundation, stated that this deal is an important step in merging traditional finance with decentralized infrastructure.

According to Upexi's announced plan, after repaying some of its debt, the remaining funds will be used to build Solana asset reserves, develop mining operations, node operations, staking, and streaming services. Its subsidiary, Quantum Hash, had earlier planned to acquire a 2MW mining facility and aims to expand it to 20MW, further exploring AI blockchain assets.

Upexi is not the first NASDAQ-listed company to incorporate Solana into its financial strategy. Earlier this year, Canada's $SOL Strategies Inc. and NASDAQ's Janover proposed similar strategies. The CEO of $SOL Strategies stated that the goal of this strategy is not just to hoard coins but to deeply engage in Solana infrastructure development to drive organic growth.

Upexi CEO Allan Marshall stated that the company is in a period of rapid transformation and aims to reshape its growth logic through on-chain finance, a diversified crypto asset portfolio, and infrastructure development.

However, this transformation is not without significant risks. Factors such as volatile stock prices, declining core business revenue, and uncertainties in the crypto market intertwine, posing real challenges to its "chain reform" path.

Nonetheless, it is undeniable that Upexi is providing a new experimental template for how NASDAQ-listed companies can participate in the crypto ecosystem.