Key Takeaways
- Upexi, a digital asset treasury firm centered on Solana, is increasing its SOL holdings by 12% through a $36 million deal with Hivemind Capital Partners.
- The transaction involves a convertible note for locked SOL tokens, slated for completion by January 14.
Solana-focused treasury firm Upexi has entered into a securities purchase agreement with Hivemind Capital Partners to issue a $36 million convertible note backed by locked Solana tokens.
Upon closing, the transaction is expected to increase Upexi’s Solana treasury to more than 2.4 million SOL, which would make the company the second-largest corporate holder of SOL, trailing only Forward Industries with 6.9 million units.
According to Marshall, the transaction will enhance Upexi’s market position in the Solana treasury space and have limited credit risk given its in-kind nature.
Matt Zhang, Founder and Managing Partner of Hivemind, expressed confidence in the partnership.
Zhang noted that the transaction aligns with Hivemind’s conviction in Solana as a core digital asset and in Upexi as a leading public-market vehicle to gain exposure to it.
Source: https://cryptobriefing.com/upexi-inks-36m-deal-hivemind-capital-to-boost-solana-holdings/
