Upexi, a prominent Solana (SOL) holder, saw its shares plummet by 60% at the United States market open on Tuesday. This crash, which occurred shortly after investors offloaded approximately 43 million shares, brought the share value below $4. Investors Offload 43 Million Upexi Shares On July 8, Upexi (UPXI) shares recorded a drop of approximately 60% at the US market open. The firm experienced this dip after investors registered 43.85 million shares for resale. This holding is equivalent to the company’s initial float in April, which is meant to serve as capital for its SOL treasury strategy. Already, Upexi holds a total of 679,677 SOL, which were acquired using proceeds from its private placement offering in April. Buyers are now looking to ditch 35.97 million common shares, including 7.89 million shares tied to prefunded warrants, per a prospectus filed on Monday. Should these entities pull through with their plans, Upexi will be left with only $7,890. Upexi Shares Go From $9.25 to $3.79 Due to the unfortunate event and the prospective supply shock, the value of the shares has now dropped below $4. It is worth noting that the Florida-based e-commerce startup closed its session on Monday at $9.25 per share. This placed the value of Upexi at around $379 million. At the time of this writing, UPXI traded at $3.79 , following a notable 16% uptick. According to documents submitted to the US Securities and Exchange Commission (SEC), “We are not selling any shares of Common Stock in this offering, and we will not receive any proceeds from the sale of shares by the Selling Stockholders.” GSR Invests $100 Million in Upexi to Expand Solana Holdings Meanwhile, it is worth noting that Upexi inked a strategic deal with GSR , a leading investment firm, with the establishment of its corporate SOL treasury in mind. The firm’s decision to tilt towards a cryptocurrency-based treasury strategy is etched in the vision to generate long-term appreciation and yield for shareholders. GSR’s Head of Research, Brian Rudick, acknowledged the significance of the $100 million investment. He highlighted the growing demand for efficient and secure access to high-quality cryptocurrency assets in public markets. Next, Rudick talked about Solana’s speed , scalability, and vibrant developer ecosystem. These features make it “an ideal foundation for long-term growth, and we are honored to help accelerate the integration of digital assets into institutional portfolios.” The post Solana Treasury Firm Upexi Faces Share Loss As Investors Pivot appeared first on TheCoinrise.com .
