Nasdaq Firm Lands $200M Investment, Channels Majority—$150M+—Into Solana Treasury Strategy

Solana Climbs as Nasdaq-Listed Upexi Commits $200M to Crypto Treasury Expansion

Solana (SOL) surged from $156.45 to $166.65 over the past 24 hours, riding a wave of heavy trading and renewed corporate interest. At the time of writing, SOL trades at approximately $166.28, up 6.23% for the day, according to CoinDesk Research’s technical analysis.

A major driver behind Solana’s momentum is Nasdaq-listed Upexi (UPXI), a Tampa-based consumer brands company, which on Friday revealed it has secured around $200 million in fresh funding via equity and convertible note offerings. The company plans to channel a significant portion of the funds into expanding its cryptocurrency treasury—specifically its Solana holdings.

Funding Breakdown:

• Equity Raise: Upexi raised $50 million from accredited and institutional investors at $4.00 per share. Company insiders, including CEO Allan Marshall, bought in at a premium price of $4.94 per share. This transaction is slated to close around July 14.
• Convertible Notes: An additional $150 million was raised through convertible notes backed by SOL as collateral. These notes pay 2% annual interest and can convert into Upexi stock at $4.25 per share. The notes mature in 24 months and are expected to close by July 16, at which point the SOL collateral will join Upexi’s treasury reserves.

In a statement from late June, Upexi reported holding 735,692 SOL as of June 24—an 8% increase from the 679,677 SOL held in late May. Following this new financing round, the firm anticipates more than doubling its current Solana position.

The offerings are private transactions and are not registered with the SEC.

Technical Insights:

• SOL climbed 6.52% in the past 24 hours, from $156.45 to $166.65, with a trading range of $10.99.
• Significant buying pressure was seen around $160.31, where volume spiked to 3.23 million tokens—over double the daily average of 1.34 million.
• Resistance formed near $165.30, tested several times before SOL decisively broke through $166 with a further volume surge to 2.26 million, confirming strong bullish sentiment.
• Solid support developed near $164.30, while the price consolidated between $164.24 and $166.76 in the final hour of trading.
• Technical patterns suggest Solana may continue advancing, eyeing the psychological $170 level.

Upexi’s strategic bet on Solana highlights how corporations are increasingly viewing digital assets as viable treasury holdings—a trend adding fuel to SOL’s recent gains and suggesting ongoing institutional interest in the blockchain’s future.