The GSR cryptography trade firm directed a private placement of $ 100 million in UPEXI (UPXI), a consumer company that turned to a digital assets -based treasury strategy.
The company, whose products include medicinal fungi gummies and pet assault tools, said it will use capital to accumulate and bet tokens solana (Sol). The company based in Tampa, Florida, had a market capitalization of $ 3 million on Friday.
The investment, structured as a private investment in public capital (pipe), occurs when UPEXI changes the manufacture of physical products to the management of part of its balance sheet using Solana, a high speed block chain known for low rates and rapid settlement, according to a press release.
The investment announcement sent UPEXI shares to increase more than 700%, of around $ 2.30 to $ 19 at the time of writing.
GSR’s participation points to a growing overlap between public markets and Blockchain finances.
“This investment highlights the growing demand for efficient and safe access to high quality cryptography assets in public markets,” said Brian Rudick, GSR’s head of research, in a statement.
The president of the Solana Foundation, Lily Liu, said the agreement marked another step to connect traditional financial companies with decentralized infrastructure.
The measure “underlines GSR’s confidence in Solana as a leading high -performance block chain,” said the financial company in a statement.
