Crypto trading firm GSR led a $100 million private placement into Upexi (UPXI), a consumer-goods company pivoting to a digital asset-based treasury strategy.

The company, whose products include medicinal mushroom gummies and pet-grooming tools, said it will use the capital to accumulate and stake solana (SOL) tokens. The Tampa, Florida-based company had a market cap of $3 million on Friday.

The investment, structured as a private investment in public equity (PIPE), comes as Upexi shifts from physical product manufacturing to managing part of its balance sheet using Solana, a high-speed blockchain known for low fees and fast settlement, according to a press release.

The investment announcement sent Upexi’s stock soaring more than 700%, from around $2.30 to $19 at the time of writing.

GSR’s involvement points to a growing overlap between public markets and blockchain finance.

“This investment highlights the growing demand for efficient, secure access to high-quality crypto assets in public markets” Brian Rudick, GSR’s head of research, said in a statement.

Solana Foundation president Lily Liu said the deal marked another step in connecting traditional financial firms with decentralized infrastructure.

The move “underscores GSR’s confidence in Solana as a leading high-performance blockchain,” the finance company said in a release.

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