SOL Financial Company Upexi submitted a shelf registration application, intending to raise up to $1 billion

According to CoinDesk, U.S. publicly traded company Upexi (UPXI) has submitted a shelf registration application to the U.S. Securities and Exchange Commission (SEC), planning to raise up to $1 billion through the issuance of common stock, preferred stock, debt instruments, warrants, or other securities.

Upexi currently holds approximately 2 million SOL tokens (worth about $248 million), making it the fourth largest publicly traded company by Solana asset holdings. The company stated that the proceeds from the financing will be used for general purposes such as working capital, research and development, acquisitions, and debt repayment.

Notably, Upexi's stock price fell about 7% to $1.85 on Tuesday, having declined approximately 50% year-to-date, while the price of SOL has dropped 34% during the same period. In addition to cryptocurrency assets, the company also manages several consumer brands, including Cure Mushrooms medicinal products and Lucky Tail pet care products.