Upexi Buys 326,347 Discounted Locked $SOL and Becomes the Largest Publicly-Traded Solana Treasury Company

It's been just over three weeks since April 21st, when Upexi announced a $100 million raise to accumulate $SOL for its company treasury, and they have wasted no time putting those funds to good use.

The Tampa-based company, best known for its alternative health products, acquired 326,347 Discounted Locked $SOL at an average price of $135.22 per $SOL. This purchase brings their total $SOL holdings to 596,714 $SOL, making Upexi’s Solana treasury the largest of any publicly traded company.

These tokens, a mix of spot and locked tokens, were purchased for $84.2 million at an average price of $141.10 per $SOL. At the current $SOL price of $180, the tokens are worth more than $107 million. This represents a whopping $23 million of unrealised gains for shareholders already.

Leadership Sees Discounted SOL Buy as Built-In Shareholder Value

Upexi's executive team sees its recent acquisition of 326,347 locked, discounted SOL as a strategic win for long-term shareholder value.

Andrew Norstrud, CFO of Upexi, explained the rationale behind the move:

"With a long-term buy and HODL strategy, purchasing discounted locked SOL provides built-in gains for shareholders as the discount moves to par over time. And with the locked SOL being staked, the combination of the discount and the approximate 1.4-year weighted duration effectively more than doubles the staking yield for shareholders in a risk-prudent manner."

CEO Allan Marshall emphasized the significance of the acquisition, both in timing and scale:

This strategic move positions Upexi as the public company with the largest SOL treasury and reflects a calculated, yield-optimized entry into the Solana ecosystem.

A Growing Trend

Michael Saylor's Strategy (formerly MicroStrategy) buying Bitcoin seems like a weekly affair. Little did the business intelligence company know they were inadvertently establishing a novel approach to balance sheet diversification. Publicly traded companies seek high-quality crypto assets to add to their treasuries.

In addition to Upexi, Sol Strategies, and Defi Development Corp. are also accumulating $SOL for their treasuries. All three firms had established their business operations firmly before switching to Solana Treasury Companies. The trend emerges amid a strong performance by Solana, with its market capitalization reaching $93 billion.

Sol Strategies currently holds 391,782 $SOL, valued at approximately $70 million, while Defi Development Corp. has accumulated 595,988 $SOL, worth around $107 million.

These figures highlight the rapid pace at which Solana is being adopted as a treasury asset among public companies.

As the blockchain ecosystem evolves, the treasury strategies adopted by Upexi, Sol Strategies, and Defi Development Corp. reflect a broader trend among public companies seeking calculated exposure to high-potential digital assets like Solana. With the Solana spot ETF approval deadline approaching, this growing momentum suggests that more publicly traded firms may soon adopt similar strategies to capitalize on long-term appreciation and staking yields.

 

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