Nasdaq-Listed Company Overhyped: They’re About to Buy Nearly 1 Million Units of This Altcoin

Upexi, a Nasdaq-listed consumer goods and cryptocurrency-focused brand, announced the successful completion of a $200 million private financing round. The round included a stock issuance and convertible bond sales, with a significant portion of the investments denominated in Solana ($SOL). According to the company's press release, this funding consists of two parts: $50 million stock offering: Attended by CEO Allan Marshall, 12,457,186 shares were sold at $4.00 per share ($4.94 for management). A portion of the proceeds will be used to finance current business operations and general working capital. The remainder will be directly invested in Upexi's strategy to grow the Solana treasury. $150 million convertible bond sale: In this unit, the bonds were issued in exchange for locked-in, spot SOL. Institutional investors, including Big Brain Holdings, participated in this bond issue. The interest rate was set at 2%, and the conversion price was fixed at $4.25 per share. The maturity date is 24 months. The company reported that these bond agreements will increase Solana reserves to approximately $SOL 1.65 million, more than doubling the previously announced holdings of $SOL 735,692. The convertible bond issuance is expected to close on July 16, 2025, and the equity issuance is expected to close on July 14, 2025. Further $SOL acquisitions are planned in the coming weeks with the net proceeds. *This is not investment advice.