TechFlow, June 24 — According to The Block, shares of Upexi (UPXI), the treasury company for Solana, plunged around 60% at Tuesday's opening, falling below $4 to $3.82. The drop came after investors registered to sell 43.85 million shares, equivalent to the company's initial floating stock in April.
Upexi previously raised $100 million to establish a Solana treasury and currently holds 679,677 SOL tokens. Despite Cantor Fitzgerald assigning the company a $16 price target and expressing optimism about Solana's growth potential as a treasury asset, the surge in share supply has significantly driven down the stock price.
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