GSR, a genuine crypto and investment company, has recently been in the news. The company spearheaded a heavy investment of approximately $100 million approximately, in Upexi, Inc., a.k.a. PIPE. It is a NASDAQ-registered brand that manufactures consumer products.
The news dropped on Monday, after Upexi launched a strategic crypto-focused pivot. The strategy is heavily based on the accumulation and staking of Solana.
What’s Upexi Planning
The company plans to allocate about $5.3 million of its returns towards debt reduction and a part for working capital. Meanwhile, Upexi will use the rest of the amount to set up the SLNA treasury operations.
How Did The Market React
As soon as the news broke, Upexi’s stock rose more than 700%. Eventually, it settled down at 330% on the same day. Currently, the market cap is $13 million.
Presently, the brand caters to niches like medicinal mushroom gums, caffeine alternatives, Various supplements, pet care products, etc.
Greater Significance of This Investment
This investment highlights a rise in demand for easy and secure access to risk-on assets like crypto in public markets, mainly.
According to Brian Rudick, the lead at GSR, Solana has got speed, scalability, and a mighty developer ecosystem. It will create a generous foundation for sustainable growth. According to a spokesperson, the investment will help in syncing digital assets into institutional portfolios.
More Developments
Solana’s president, Lily Liu, welcomed the association and pointed out that traditional companies are also showing great interest in blockchain investments.
Lily also said various companies are exploring the blockchain infrastructure in critical ways.
GSR and Upexi’s tie also shows that people in the crypto tribe are eager to see more real-world financial applications of Solana. So, it might be another soft signal of traditional finance and DeFi coming together again.
