SOL buyer Upexi seeks to raise up to $23M in private placement

Nasdaq-listed Upexi, a strategic buyer of SOL, plans to raise up to $23 million through a private placement of common stock and warrants, The Block reported. The company intends to use the net proceeds for operating expenses and to purchase additional SOL. The move comes as the value of Upexi's SOL holdings, which totaled over two million SOL at the start of the year, has declined by more than $200 million since peaking in September. The company's stock price (UPXI) also fell by nearly 40% last month.