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Upexi announces a financing agreement with Hivemind Capital Partners, issuing convertible notes with a principal amount of approximately $36 million. This financing will be collateralized and settled in SOL tokens, with the notes adopting a quarterly interest rate structure of 1.0%, and a fixed conversion price set at $2.39 per share, with a term of 24 months.
According to disclosed information, the transaction is expected to close on January 14, and the entire process does not involve third-party underwriters. After the transaction is completed, Upexi's SOL reserve is expected to increase by 12%, surpassing previous levels. This financing reflects ongoing capital interest in Solana ecosystem projects and demonstrates a new approach for crypto capital to allocate SOL assets through convertible instruments.