Upexi Inc. Increases Solana Holdings to Over 2 Million Tokens
Upexi Inc. (UPXI) announced a significant increase in its holdings of Solana's SOL, more than doubling to over 2 million tokens in July. Key points include:
- Raised $200 million through common stock and convertible notes.
- Acquired 172% more SOL, reaching 2,000,518 SOL.
- Made notable purchases of 100,000 SOL on July 21 and 83,000 SOL on July 23.
- Purchased locked SOL at a discount, enhancing shareholder value.
- Shares rose by 56% last month and further increased by 9.1% to $5.02.
- Basic market net asset value (mNAV) is at 0.9x; fully loaded mNAV is at 1.6x.
- Company's cryptocurrency treasury strategy is now a core focus.
Additionally, developments in the Solana ecosystem were noted, such as:
- Strong network performance and proposed block limit increases.
- Launch of new protocols like Jito's Block Assembly Marketplace.
- REX-Osprey’s Solana Staking ETF exceeding $100 million in assets under management.
- SEC requesting amended applications from spot SOL ETF issuers.
- Tokenization trend with Backed Finance’s xStocks launching on Solana's DeFi ecosystem.