Upexi Shares Drop 60% as 43 Million Hit Market

- Shares of Upexi plummeted roughly 60% after investors registered 43.85 million shares for resale. - The significant decrease dramatically impacted Upexi’s market value. Shares of Upexi (ticker UPXI), a Solana treasury company, plummeted approximately 60% on June 24, 2025, when the U.S. market opened. This dramatic decline occurred because investors registered 43.85 million shares for resale, a figure equivalent to the company’s entire initial float from April. On June 24, The Block reported that the significant share registration included 35.97 million common shares and 7.89 million shares connected to prefunded warrants. Furthermore, a prospectus filed on June 23, 2025, stated that Upexi would only collect $7,890 if holders exercised the warrants, and the company would also receive no proceeds from the share sales. Upexi, an e-commerce startup based in Florida, saw its stock close at $9.25 on Monday, June 23. This closing price valued the company at just over $379 million. However, according to Yahoo Finance on Tuesday, June 24, the anticipated surge in share supply drove the bid price below $4 by the time the market opened. Previously, Upexi had raised $100 million to establish a Solana treasury, drawing inspiration for this from MicroStrategy's bitcoin strategy. On April 29, 2025, Upexi made its initial purchase of Solana coins, acquiring 45,733 tokens. Subsequently, by the end of May 2025, its holdings had increased to 679,677 SOL, an accomplishment achieved by acquiring various discounted vested coins. In June 2025, investment bank Cantor Fitzgerald assigned Upexi shares a $16 price target. This assignment occurred after Upexi emerged as one of the largest publicly traded holders of Solana. In their analysis, Cantor analysts highlighted Solana's potential advantages over its primary competitor, Ethereum, pointing to Solana's growth potential, market cap, and developer activity. According to recent market data, as of 15:18 UTC on June 24, Solana (SOL) is trading at $144.88, and its 24-hour trading volume has also increased by 7.1%.