Upexi and Hivemind secure $36 million convertible debt financing; Solana staking plan finalized

ChainSherlockGirl · 2026-01-21T15:28:08+00:00

Upexi and Hivemind Capital Partners reach a $36 million convertible note financing agreement, with Solana as collateral. The convertible note has an annual interest rate of 1%, a term of 24 months, and a fixed conversion price of $2.32 per share. After the transaction, Upexi's Solana reserves will exceed 2.4 million tokens, demonstrating its strengthened participation in the Solana ecosystem. At the same time, this issuance was conducted through a private placement and is not registered in the United States, increasing the flexibility of the transaction.

ChainSherlockGirl

2026-01-21 15:28:08

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Convertible bond financing reappears with large-scale transactions. According to PANews, Upexi announced that it has reached a securities purchase agreement with well-known crypto investment firm Hivemind Capital Partners, completing a convertible bond financing of up to $36 million, with Solana (SOL) used as collateral for the transaction. This financing achievement once again demonstrates the important role of convertible bonds in crypto industry financing.

Solana Collateralized Pledge and Convertible Bond Terms Overview

This transaction adopts a convertible bond financing structure. Specifically, Upexi locked in Solana in exchange for $36 million in convertible bonds, using the provided SOL as collateral. According to the agreement, the convertible bonds have an annual interest rate of 1%, paid quarterly, with a maturity of 24 months, and a fixed conversion price of $2.32 per share. This structure links the value of Solana with the interests of the financing party, ensuring investors receive interest income while reserving the option for value conversion.

Company Reserves Significantly Increased, Over 2.4 Million SOL Added

After the transaction is completed, the relevant Solana will be incorporated into Upexi’s treasury. According to official estimates, the company’s Solana reserves will surpass 2.4 million tokens following this financing. This indicates a significant increase in Upexi’s holdings within the Solana ecosystem, helping to strengthen the company’s participation and influence within the Solana network.

Conducted via Private Placement, Not Registered in the US Initially

This convertible bond issuance was conducted through a private placement and was not publicly offered. Disclosure information indicates that the securities are not initially registered in the United States, and related holders can only resell under valid registration statements or exemption conditions. This issuance method provides greater flexibility and aligns with common practices in crypto project financing. This convertible bond transaction reflects Upexi’s optimism about the Solana ecosystem and its long-term strategic commitment.

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