Upexi Shares Hit Hard by Resale Plan

Upexi shares, trading under the UPXI ticker, fell sharply with the U.S. market opening on Tuesday after investors registered 43.85 million shares for resale, equivalent to the company’s initial float in April, which was intended to support its Solana treasury plans.

The stock has declined by approximately 60%, with a Monday filed prospectus indicating further offloading as buyers want to sell 35.97 million common shares plus 7.89 million shares linked to pre-funded warrants.

Upexi Will Not Benefit from Share Sales

The prospectus indicates that Upexi will only see $7,890 if shareholders exercise the warrants.

> “We are not selling any shares of Common Stock in this offering, and will not receive any proceeds from the sale of shares by Selling Stockholders,” stated documents sent to the U.S. Securities and Exchange Commission (SEC).

The Florida-based e-commerce startup had previously raised $100 million to establish a corporate Solana treasury, hoping to replicate the success of a Bitcoin strategy.

> 🚨 NEW: Upexi CEO states the company is intensifying its focus on crypto.
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> “With the change in Administration, it seemed like an opportunity in crypto after many headwinds.”
>
> Full quote from @theflynews 👇
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> — Upexi (@UpexiTreasury) June 5, 2025

On April 29, the company purchased 45,733 Solana tokens shortly after completing a public fundraising campaign, and a month later, its holdings grew to 679,677 SOL after buying more discounted vested coins.

Investment bank Cantor Fitzgerald set a $16 price target for Upexi shares in June, as it became one of the largest publicly traded holders of Solana. This price target aligns with Cantor’s positive outlook on Solana, which it views as superior to Ethereum (ETH), its main competitor.

Cantor’s Positive Outlook on Upexi and Solana Treasury Companies

Cantor analysts believe that Solana is a sound treasury asset due to its growth potential, active developer community, and strong meme culture. Last week, Matthew Sigel announced Cantor Fitzgerald’s coverage initiation on three main Solana treasury companies: DeFi Development Corp, Upexi, and Sol Strategies, with bullish projections.

> Cantor initiates coverage on Solana treasury firms (HODL CN, DFDV, UPXI) with OUTPERFORM ratings.
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> Analysts suggest Solana-oriented assets deserve higher premiums due to native revenue opportunities and greater volatility.
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> — matthew sigel, recovering CFA (@matthew_sigel) June 16, 2025

The report discusses how Solana could serve as a vital technology for future transactions and digital economy marketplaces, interpreting analysts’ view of Solana as a utility-driven blockchain, differentiating it from Bitcoin (BTC)‘s strategic reserve status.

This implies an optimistic future for Solana treasury companies in an increasingly on-chain financial landscape, with Solana as a key player.