Upexi, a prominent holder of Solana (SOL), faced a drastic decline in its share price by 60% at the US market open.
Sale of 43 Million Upexi Shares
On July 8, Upexi (UPXI) shares fell approximately 60% at the US market open. This decline followed investors reselling 43.85 million shares, equivalent to the company's initial float in April, intended to fund its SOL treasury strategy.
Upexi Shares Drop to $3.79
Following this unfortunate event and the potential supply shock, the value of the shares has now fallen below $4. Upexi shares closed at $9.25 on Monday, valuing the company at around $379 million, but by the current writing, shares traded at $3.79.
GSR Invests in Upexi to Expand Solana Assets
Meanwhile, Upexi has entered into a strategic deal with investment firm GSR, securing a $100 million investment aimed at establishing its corporate SOL treasury. This decision reflects a strategic shift towards a cryptocurrency-based treasury strategy to generate long-term appreciation and yield for shareholders.
Overall, Upexi is undergoing significant financial shifts that require careful observation from investors and analysts.
