BitGo, the major crypto custodian looking to go public, has inked a deal with Upexi (UPXI) to provide custodial and trading services for the startup’s Solana (SOL) token treasury.
BitGo, the major crypto custodian looking to go public, has inked a deal with Upexi (UPXI) to provide custodial and trading services for the startup’s Solana (SOL) token treasury.
The deal comes a day after Upexi announced it had practically doubled its Solana position to over 595,000 SOL tokens, worth approximately $100 million.
Like other firms, including SOL Strategies and DeFi Development Corporation, Upexi will stake its SOL holdings to earn revenue from protocol rewards.
Like other firms, including SOL Strategies and DeFi Development Corporation, Upexi will stake its SOL holdings to earn revenue from protocol rewards.
"We are excited to continue expanding our digital asset strategy and treasury management with the addition of BitGo's industry-leading custodial and OTC trading services," Upexi CEO Andres Ionescu said in a statement. "This partnership aligns perfectly with our strategy to diversify and enhance shareholder value by investing in a basket of cryptocurrencies."
"As both public and private companies continue to expand allocation of corporate treasury assets to bitcoin and other digital assets, we are excited to work with Upexi to provide a safe and secure environment for not only the organization but also its shareholders," BitGo Director Nathan Stump said in the statement.
"As both public and private companies continue to expand allocation of corporate treasury assets to bitcoin and other digital assets, we are excited to work with Upexi to provide a safe and secure environment for not only the organization but also its shareholders," BitGo Director Nathan Stump said in the statement.
Upexi has a $100 million investment commitment anchored by GSR to buy and stake as many SOL tokens as possible. On Monday, the firm announced it had purchased 326,347 discounted locked SOL for an average price of $135.22 per token.
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