Upexi (UPXI) stock skyrocketed more than 330.9% on Monday after the company secured a $100 million investment from crypto trading firm GSR to fund its pivot into digital assets.
The investment, structured as a private investment in public equity (PIPE), involves the sale of 43.9 million shares of common stock at $2.28 per share. UPXI closed Monday near $9.89, bringing its year-to-date gain to 181.8%.
“We’re proud to lead this investment and support a bold strategy centered around Solana,” said Jakob Palmstierna, president of GSR, in a statement.
“This reflects our deep belief in the future of DeFi and our commitment to growing the crypto ecosystem at every level.”
Palmstierna said the investment fits into GSR’s “broader mission” of unlocking the full potential of digital assets, backing founders and protocols with “capital, expertise, liquidity, and long-term support.”
From consumer goods to crypto
Upexi’s pivot into digital assets began earlier this year, when the company announced it was launching a digital currency holding subsidiary and had made an initial investment in Bitcoin (BTC).
The strategy has since evolved into a broader push across the crypto space.
According to the company, 50% of its crypto portfolio will be allocated to Bitcoin, with the remaining half diversified across other major tokens like Ethereum (ETH), Ripple (XRP), AAVE (AAVE), Chainlink (LINK), Render (RENDER), and others.
CFO Andrew Norstrud cited the Trump administration’s pro-crypto stance as a key driver behind the shift.
“The new Trump administration has been publicly bullish,” Norstrud said. “With the possibility of large financial institutions adopting crypto, it’s clear now is the time to make a strategic investment into the space.”
Mining with a portfolio-first mindset
Beyond token investments, Upexi is entering crypto mining via its subsidiary, Quantum Hash. In March, the company signed a letter of intent to acquire an operational Bitcoin mining facility.
But unlike traditional miners focused on production volume, Upexi says its goal is to retain coins to grow its strategic portfolio, not liquidate them for short-term cash flow.
“We’re not aiming to be a pure-play mining operation,” Norstrud said. “We’ll mine the best-performing coins, including AI-powered blockchain assets, with the goal of building a long-term crypto portfolio.”
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