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Upexi, which specializes in managing Solana-based vaults, plans to raise up to $1 billion in capital through a flexible offering to the U.S. Securities and Exchange Commission, allowing it to issue various securities in phases as needed.
The registration includes common and preferred shares, debt instruments, warrants and investment units and may be issued at a later date.
The company explained that potential net proceeds will be used for general operating purposes, including financing working capital, capital expenditures, research and development, acquisitions or investments in operations, in addition to repaying or refinancing debt and exploring other strategic opportunities.
Headquartered in Tampa, Florida, Upexi began as a consumer products company but has recently expanded its strategy to include digital asset finance software.
The program focuses on buying, holding and storing Solana tokens (to take advantage of staking) in a long-term institutional financial management approach.
According to CoinGecko data, Upexi currently holds more than 2 million SOL coins, making it the fourth largest treasury entity holding the Solana digital currency.
This follows a sharp decline in the currency over the past few months amid a broad market correction, with SOL trading at around $125 at the time of writing, down more than 40% in three months.
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