Shares of Solana treasury firm Upexi tanks 60%

Upexi shares, trading under the UPXI ticker, took a beating as the U.S. market opened on Tuesday after investors registered 43.85 million shares for resale — stock equal to the company’s initial float in April, which was set aside to fund its Solana treasury plans.

The shares have fallen by about 60%, but a prospectus filed on Monday shows that there is more offloading to be done, as buyers have signaled they want to offload 35.97 million common shares plus 7.89 million shares tied to pre-funded warrants.

Upexi will not profit from the share sales

The prospectus filed on Monday states that Upexi will collect only $7,890 if holders exercise the warrants and take home from the share sales.

“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,” documents sent to the U.S. Securities and Exchange Commission (SEC) read.

The Florida-based e-commerce startup made headlines in the past for raising $100 million after outlining a plan to establish a corporate Solana treasury, hoping it would mirror the success from Strategy’s Bitcoin playbook.

🚨 NEW: Upexi CEO says the company is doubling down on crypto

“With the change in Administration, it seemed like there was an opportunity in crypto after a lot of headwinds.”

Full quote from @theflynews 👇 pic.twitter.com/B96XUL1Tmt

— Upexi (@UpexiTreasury) June 5, 2025

The company purchased its first set of Solana coins on April 29, a total of 45,733 tokens, a few days after completing its public fundraising effort, and one month later, its holdings had reached 679,677 SOL following multiple purchases of discounted vested coins.

Investment bank Cantor Fitzgerald shared a $16 price target for Upexi shares in June after it became one of the largest publicly traded Solana holders. The high price target aligns with Cantor’s bias towards Solana, as Cantor analysts see SOL as superior to ETH, its main competitor.

Cantor is betting on Upexi and other Solana treasury companies

Cantor analysts believe Solana “makes sense” as a treasury asset because it has adequate room for growth based on its market cap, buzzing developer activity, and viral meme culture.

Last week, Matthew Sigel shared Cantor Fitzgerald’s initiation of coverage on three major Solana (SOL) treasury businesses: DeFi Development Corp, Upexi, and Sol Strategies, suggesting a bullish outlook.

Cantor initiates on Solana treasury companies (HODL CN, DFDV, UPXI) w/ OUTPERFORM ratings.

Says Solana-oriented balance sheets deserve bigger premiums than BTC co's due to native revenue opportunities & higher volatility. pic.twitter.com/Sc2eDucu1Q

— matthew sigel, recovering CFA (@matthew_sigel) June 16, 2025

“Cantor initiates on Solana treasury companies (HODL CN, DFDV, UPXI) w/ OUTPERFORM ratings,” he wrote. Then he added that those at Cantor believe “Solana-oriented balance sheets deserve bigger premiums than BTC co’s due to native revenue opportunities & higher volatility.”

He shared an excerpt from a report that highlighted Solana as a layer-1 blockchain with superior throughput and lower transaction fees compared to its main rival, Ethereum (ETH).

The report compares Bitcoin and Solana, acknowledging that BTC is well-suited as a strategic reserve asset with established market acceptance. It also confirmed Solana’s potential as the technological backbone for transactions and marketplaces in the digital economy.

This suggests that analysts at Cantor may see Solana as a utility-driven blockchain rather than a store of value like BTC or a memecoin chain like many degens. The report goes on to argue that Solana treasury companies are betting on a future where financial transactions and applications will predominantly be on-chain, with Solana as the preferred blockchain.

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