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TAMPA - Upexi, Inc. (NASDAQ:UPXI), whose stock has surged 25.5% in the past week according to InvestingPro data, has acquired an additional 100,000 SOL tokens for $17.7 million, bringing its total holdings to 1,818,809 SOL valued at approximately $331 million, the company announced Monday.
The purchase, completed on July 17 at an average price of $176.77 per SOL, follows Upexi’s recent closing of a $200 million equity and convertible notes private placement last week.
The company’s SOL holdings have increased 147% from the 735,692 tokens it held at the end of June. According to the company, 56% of its tokens were purchased in locked form at a discount. Upexi reports an unrealized gain of approximately $58 million on its SOL investments, which includes both appreciation and locked SOL discount benefits.
Upexi is staking substantially all of its SOL tokens, which the company says generates approximately 8% yield. Based on current SOL prices and yield rates, the company anticipates potential annual staking revenue of up to $26 million from its current holdings.
"In just three months, we have successfully closed two additional accretive capital raises, including a highly innovative in-kind convertible note, and grew the treasury to 1.8 million SOL or $331 million," said Allan Marshall, Chief Executive Officer of Upexi.
The company, which specializes in consumer products development and manufacturing, has recently diversified into cryptocurrency asset management. With a current market capitalization of $280.23 million and an impressive gross profit margin of 54.48%, Upexi shows mixed financial signals. InvestingPro analysis reveals the stock trades with high volatility and currently appears overvalued relative to its Fair Value estimate. Discover 15 additional key insights about UPXI with an InvestingPro subscription, including detailed financial health scores and comprehensive valuation metrics.
The company has introduced two metrics for investor analysis: Basic mNAV (1.2x the value of SOL holdings) and Fully-Loaded mNAV (2.1x), which accounts for potential share dilution from warrant conversion and other factors.
This information is based on a company press release statement.
In other recent news, Upexi, Inc. has successfully closed a $150 million convertible note offering secured by Solana cryptocurrency. This transaction, combined with a previous $50 million private placement of common stock, has resulted in approximately $200 million in gross proceeds before fees and expenses. The convertible notes, led by Big Brain Holdings and other institutional investors, carry a 2.0% interest rate and have a fixed conversion price of $4.25 per share with a 24-month maturity. A.G.P./Alliance Global Partners acted as the sole placement agent for the offering.
Upexi has increased its Solana holdings to approximately 1.65 million SOL, more than doubling its previous balance. The company plans to use the proceeds from these transactions to cover fees, support general working capital needs, and expand its Solana treasury strategy. Additionally, Upexi reported an 8.2% increase in its Solana holdings during June, with a focus on raising capital and increasing visibility through partnerships and participation in investor events. These developments highlight Upexi’s ongoing initiatives in the cryptocurrency space and its efforts to enhance its financial strategy.
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