Nasdaq-Listed Firm Raises $200 Million, Commits $150 Million to Solana-Based Treasury Strategy

Solana Surges on Corporate Treasury Interest and $200M Upexi Financing Deal

Solana (SOL) rallied from $156.45 to $166.65 over the past 24 hours, gaining momentum from increased trading activity and rising institutional interest—particularly from Nasdaq-listed Upexi, which is doubling down on SOL as part of a new $200 million financing initiative.

As of the latest update, SOL is trading at $166.28, up 6.23% in the past day, according to CoinDesk Research’s technical analysis.

Upexi, a Tampa-based consumer brands company, announced Friday it has secured $200 million in new capital via a mix of equity and convertible note offerings. Of that, $50 million came from equity sales to accredited investors—at $4.00 per share, with insiders, including CEO Allan Marshall, buying in at a $4.94 premium. The equity round is expected to close by July 14.

More notably, Upexi is raising $150 million through SOL-backed convertible notes. These carry a 2% annual interest rate and convert to Upexi shares at $4.25 per share. They mature in 24 months and are scheduled to close by July 16, at which point the SOL collateral will be added to Upexi’s treasury.

The company currently holds over 735,000 SOL—an 8% increase from late May—and expects to more than double that with the new capital infusion.

Technical Insights

SOL rose 6.52% in 24 hours, from $156.45 to $166.65, supported by heavy trading volume and institutional accumulation.
A key volume surge occurred at $160.31 (3.23M tokens traded), more than double the daily average of 1.34M.
Resistance was tested near $165.30 multiple times before a breakout above $166 with another volume spike (2.26M tokens).
Support held strong at $164.30, with the asset consolidating in a tight range between $164.24 and $166.76.
Price action signals constructive consolidation, setting the stage for a possible push toward the $170 mark.

The financing move by Upexi—and its growing SOL reserves—has drawn attention from market watchers as a potential model for corporate crypto treasury management, reinforcing bullish sentiment around Solana’s long-term outlook.