Nasdaq-listed digital asset treasury company Upexi (ticker UPXI) has priced a private placement of up to $23 million in common stock and warrants, announced on Wednesday. The transaction delivers $10 million upfront with the potential for an additional $13 million in gross proceeds if all warrants are exercised for cash.
The offering was struck at a combined purchase price of $3.04 per share and warrant, which the company stated sits above its at-the-market price under Nasdaq rules and represents a 1.3x premium to its fully loaded modified net asset value. Each warrant carries a $4.00 exercise price, is immediately exercisable, and has a four-year term, with closing expected on or around December 1, pending customary conditions.
Upexi, one of the largest public companies holding Solana, reported over 2 million SOL on its balance sheet earlier this year. However, recent market turbulence has reversed much of its gains, with SOL holdings shedding more than $200 million in USD value since September's peak amid broader crypto corrections. UPXI shares have also fallen nearly 40% in the last month as crypto markets whipsawed.
The net proceeds will support general corporate purposes, working capital, and the growth of its Solana treasury, reinforcing the firm's long-term SOL accumulation strategy. Upexi recently launched a stock buyback program to demonstrate capital discipline, and A.G.P./Alliance Global Partners is acting as the placement agent for this offering.
