Solana Treasury Firm Upexi Falls Insider Sales62% after filing
Upexi Inc. fell by 62% following the filing of its registration statement, allowing investors to sell common stock to consumer brand companies.
In April, the Tampa, Florida company said it was raising $100 million as part of a pivot that is beginning to accumulate cryptocurrency. Solana. At the time, the company announced that it had signed an agreement with investors to purchase approximately 43.9 million common stock or a pre-funded warrant. Investors were eligible to sell the shares Monday with the Securities and Exchange Commission.
“It’s pretty standard. So when the registration was valid last night, it means they were registered for sale,” Upexi CEO Allan Marshall said in an interview. “It doesn’t mean that investors are selling or want to sell, but it means they can.”
Upexi employs the play of Solana Treasury, similar to what Michael Saylor’s strategy implements Bitcoinby keeping digital token sols in the reserve and allocating capital to purchase more tokens.
“We fully believe in strategy and long-term things. We believe that one day we can do it and we believe that in the future the strategy will be very successful for us,” Marshall said.
According to Pitchbook data, participants in Upexi’s so-called pipe investment included GSR, Delphi Ventures and Morgan Creek Capital Management.
Another cryptocurrency firm, Sharplink Gaming Inc., saw its shares plummet by more than 70% on June 13th following a similar application.