Upexi completed a $150 million convertible bond offering to increase its Solana holdings.

Upexi Inc. has successfully completed a convertible bond issuance worth 150 million USD, thereby more than doubling the company's Solana asset fund (SOL). This is a significant milestone in Upexi's cryptocurrency-focused strategy, as announced on Thursday.

A consumer goods manufacturing company based in Tampa has announced that it has raised this capital through convertible bonds secured by SOL tokens from institutional investors and accredited investors. When combined with the previously announced equity raise of 50 million USD, Upexi has generated a total gross revenue of approximately 200 million USD.

These convertible bonds have an annual interest rate of 2%, paying interest quarterly, with a fixed conversion price of 4.25 USD per share and a maturity period of 24 months. Notably, these bonds are secured by SOL tokens provided by the investors themselves.

After the transaction was completed, Upexi's Solana asset fund increased to approximately 1.65 million SOL tokens, marking a significant increase compared to the previously reported balance of 735,692 SOL. With the current market price, this positions the company as one of the largest holders of Solana in the business community.

This investment round is led by Big Brain Holdings along with the participation of other institutional investors. A.G.P./Alliance Global Partners acted as the sole distribution agent for this issuance.

This funding marks the latest chapter in Upexi's transformation from a traditional consumer goods manufacturing company to a business focused on cryptocurrency asset holdings. In April, the company received a $100 million investment from cryptocurrency trading firm GSR, causing their stock price to surge over 700% in just one day.

Upexi's strategy focuses on accumulating and staking Solana tokens to create long-term value appreciation and passive income for shareholders. This approach is similar to the moves of many other listed companies, including Janover Inc., which implemented a similar Solana-focused asset treasury strategy earlier this year.

This shift occurs against the backdrop of traditional corporations increasingly seeking direct approaches to profit from cryptocurrencies through asset treasury strategies, not limited to Bitcoin but also extending to alternative digital assets like Solana. The speed, scalability, and increasingly rich ecosystem of blockchain have made it an attractive option for adoption by organizations.

Upexi's consumer product portfolio includes medicinal mushroom gummy candies, pet care products, and caffeine replacement supplements. However, the company's focus has mainly shifted to cryptocurrency activities since announcing its asset treasury strategy.

SOL price chart | Source: Bitcoin MagazineAs of the time of publication, the price of SOL is trading at $180.41, up 5.19% in 24 hours, while UPXI shares closed Thursday's trading session at $7.24, down $0.02 -0.28%(.