Upexi shares, trading under the ticker UPXI, took a hit when U.S. markets opened Tuesday after 43.85 million shares were registered for resale — the same number of shares as the company’s initial float in April, allocated to fund its Solana treasury plan.
Shares have fallen about 60%, but a prospectus filed Monday suggests more shares could be sold, as investors signaled they want to divest 35.97 million common shares along with 7.89 million shares related to pre-funded call options.
Upexi does not profit from the sale of this stock.
The prospectus filed Monday asserts that Upexi would only collect $7,890 if investors exercised their call options and cashed in on the stock sale.
“We are not selling any common stock in this offering and will not receive any proceeds from the sale of shares by the selling shareholders,” the filing with the U.S. Securities and Exchange Commission (SEC) stated.
The Florida-based e-commerce startup attracted attention when it raised $100 million after announcing plans to build a Solana treasury to simulate the success of many investment funds' Bitcoin strategies.
🚨 NEW: Upexi CEO Announces Company Increasing Cryptocurrency Investment
“With the change of Administration, there seems to be an opportunity in crypto after many previous difficulties.”
Full quote from @theflynews 👇 pic.twitter.com/B96XUL1Tmt
— Upexi (@UpexiTreasury) June 5, 2025
The company purchased its first batch of SOL tokens on April 29, totaling 45,733 tokens, shortly after completing its public funding round. Just one month later, its holdings increased to 679,677 SOL through multiple purchases of locked tokens at a discount.
Investment bank Cantor Fitzgerald set a $16 price target on Upexi shares in June, thanks to being one of the largest public holders of SOL. This price target reflects Cantor’s bias towards Solana, as analysts rate SOL as superior to ETH – its main rival.
Cantor Bets on Upexi and Solana Treasury Firms
Cantor's assessment suggests that Solana is suitable to become a treasury asset due to its room for growth based on market capitalization, active development activities, and strong Meme Coin community.
Last week, Matthew Sigel announced that Cantor Fitzgerald began tracking three leading Solana treasury-focused businesses: DeFi Development Corp, Upexi, and Sol Strategies, with a positive outlook.
Cantor initiates coverage of Solana Treasury companies (HODL CN, DFDV, UPXI) with OUTPERFORM rating.
Arguing that Solana's centralized balance sheet deserves a higher valuation than BTC companies due to native revenue opportunities & greater price volatility. pic.twitter.com/Sc2eDucu1Q
— matthew sigel, recovering CFA (@matthew_sigel) 16 tháng 6, 2025
“Cantor initiates coverage of Solana Treasury companies (HODL CN, DFDV, UPXI) with an OUTPERFORM rating,” he wrote, adding, “Solana-focused balance sheets deserve a premium to BTC companies given the native revenue opportunity and high volatility.”
The report highlights Solana as a Layer-1 blockchain with superior transaction processing capabilities and lower fees than its rival Ethereum (ETH).
Comparing Bitcoin and Solana, the report acknowledges that BTC is suitable as a strategic reserve asset with established market acceptance. At the same time, Solana stands out as a technological platform for transactions and markets in the digital economy.
This shows that Cantor analysts are evaluating Solana as a blockchain with a practical application orientation rather than a store of value like BTC or the memecoin chain like many other projects. They believe that Solana treasury companies are betting on a future where financial transactions and digital applications largely take place directly on-chain, with Solana being the preferred chain of choice.
Source: https://tintucbitcoin.com/upexi-solana-giam-manh-60-co-phieu/
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