Latest news with #BrianRudick
Yahoo
22-07-2025
- Business
- Yahoo
The Node: Altcoin Season?
BTC has been putting on a bit of a one-man show for the last couple of years, rising all the way to $120k while other major cryptocurrencies like ETH and SOL are still below their 2021 records. The orange coin's share of the total crypto market capitalization steadily increased from a little under 40% in December of 2022 to 65% this June. But altcoins finally took a stand this July, with bitcoin dominance sliding 5.8% in a single week, its sharpest drop since June 2022. A quick look over at CoinGecko shows us that a majority of the coins in the Top 100 have risen between 20% to 30% in the past seven days. ETH, which has had a rough two years, outperformed most of the market by notching 26% gains. DOGE, XRP and ADA — the usual suspects in times of elation — are up 40%, 22% and 23% respectively. Meanwhile, SOL finally caught up today by increasing 7%; the coin's price is now 18% higher than last Monday. 'It's not surprising to see bitcoin dominance fall over the last month given progress around digital asset legislation in the U.S. and the continued emergence of altcoin treasury companies,' Brian Rudick, chief strategy officer at SOL treasury firm Upexi, told CoinDesk. 'This legislation is likely to spur more on-chain development and activity and that benefits altcoins more so than bitcoin,' Rudick added. 'While the preponderance of digital asset treasury companies continue to be [for BTC], they are increasingly moving down the risk spectrum to assets like ETH, SOL, and beyond.' Case in point: since I last wrote to you on Friday, DeFi Development boosted its SOL holdings to almost $200 million; Bitmine and SharpLink's leaders openly stated they're in competition over the accumulation of ETH supply; The Ether Reserve (another ETH treasury firm) announced it will soon trade on Nasdaq (rebranding into The Ether Machine along the way); and a new company called StablecoinX declared its goal of constituting a treasury made of Ethena's ENA tokens. Not that bitcoin has been unloved. In that same period, Michael Saylor dropped another $740 million into bitcoin, semiconductor firm Sequans invested $150 million, and Trump Media disclosed that its bitcoin stash was worth $2 billion. But the market capitalization of tokens like ETH, SOL and ENA is significantly smaller than bitcoin's, so these treasury buys tend to have a much larger impact on their price, Rudick said. 'As long as the U.S. continues to make progress on digital asset legislation and the market continues to receive digital asset treasury companies well, I would not be surprised if bitcoin dominance continued to fall and altcoin season truly emerges,' he added.
Yahoo
28-05-2025
- Business
- Yahoo
Upexi releases presentation detailing Solana treasury strategy
Upexi (UPXI) released an updated investor presentation detailing its Solana treasury strategy. Allan Marshall, CEO of Upexi, commented, 'This is the most in-depth overview that we've provided to our shareholders on our Solana treasury roadmap to date. With a comprehensive strategy that resonates with crypto and traditional investors alike and a detailed execution plan, we are confident in our ability to execute and bring value to our shareholders.' Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on UPXI: Disclaimer & DisclosureReport an Issue Upexi files to sell 43.86M shares of common stock for holders Upexi appoints Brian Rudick as CSO One new option listing and nine option delistings on May 19th Upexi reports Q1 EPS ($2.87) vs. ($4.19) last year BitGo announces partnership with Upexi to secure digital asset treasury
Yahoo
22-04-2025
- Business
- Yahoo
GSR Anchors $100M Investment in Upexi to Purchase SOL, Stock Rockets 700%
Crypto trading firm GSR led a $100 million private placement into Upexi (UPXI), a consumer-goods company pivoting to a digital asset-based treasury strategy. The company, whose products include medicinal mushroom gummies and pet-grooming tools, said it will use the capital to accumulate and stake solana (SOL) tokens. The Tampa, Florida-based company had a market cap of $3 million on Friday. The investment, structured as a private investment in public equity (PIPE), comes as Upexi shifts from physical product manufacturing to managing part of its balance sheet using Solana, a high-speed blockchain known for low fees and fast settlement, according to a press release. The investment announcement sent Upexi's stock soaring more than 700%, from around $2.30 to $19 at the time of writing. GSR's involvement points to a growing overlap between public markets and blockchain finance. 'This investment highlights the growing demand for efficient, secure access to high-quality crypto assets in public markets' Brian Rudick, GSR's head of research, said in a statement. Solana Foundation president Lily Liu said the deal marked another step in connecting traditional financial firms with decentralized infrastructure. The move 'underscores GSR's confidence in Solana as a leading high-performance blockchain,' the finance company said in a release. Sign in to access your portfolio