Upexi Secures $100 Million for Crypto Expansion and Shares Surge 649%

Upexi Inc. raised $100 million through a securities offering for crypto expansion and debt reduction. The company plans to increase mining capacity to 10-20 MW by 2025. Backed by major crypto firms, the stock soared over 649% after the announcement.

Upexi, Inc. (NASDAQ: UPXI) has successfully raised $100 million through a securities offering aimed at bolstering its cryptocurrency ventures and reducing outstanding debt. The deal, which involved selling 43,859,649 shares or pre-funded warrants at a price of $2.28 per share, has allowed the company to significantly increase its mining capacity.

The raised capital will primarily be utilised for working capital and debt reduction. Upexi also intends to establish a Solana treasury operation to cement its footprint in the cryptocurrency market. The funding round attracted notable backing from key crypto firms including Big Brain, Anagram, and Delphi Ventures, with GSR leading the investment.

The offering is expected to close around April 24, pending standard conditions. Approximately $5.3 million of the funds will directly support the increase in mining capacity and the development of Upexi’s cryptocurrency initiatives. This aligns with the company’s strategy of diversification, which also encompasses consumer product development.

In a related move, Upexi’s subsidiary, Quantum Hash, has agreed to acquire a 2MW facility to enhance its mining operations, with targets to expand to 10-20 MW by 2025. Following this news, UPXI shares surged over 649%, reaching $17.02 by the end of trading on Monday.