Latest news with #Upexi
Yahoo
2 days ago
- 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.
Business Insider
2 days ago
- Business
- Business Insider
Upexi files to sell 48.03M shares of common stock for holders
17:29 EDT Upexi (UPXI) files to sell 48.03M shares of common stock for holders Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Yahoo
12-07-2025
- Business
- Yahoo
SOL: Nasdaq-Listed Firm Secures $200M in Financing, with Over $150M Tied to Solana Treasury Strategy
At the time of writing, solana (SOL) is trading at around $166.28, up 6.23% in the past 24-hour period, according to CoinDesk Research's technical analysis model. Upexi (UPXI), a Tampa-based consumer brands company listed on Nasdaq, announced Friday it has secured approximately $200 million in new financing through a combination of equity and convertible note offerings. A portion of the proceeds will support Upexi's existing operations, while the rest will be used to grow its cryptocurrency treasury, with a specific focus on Solana (SOL). As part of the equity component, Upexi raised $50 million from accredited and institutional investors, including its CEO Allan Marshall. Shares were sold at $4.00 each, with management purchasing at a premium of $4.94. The company said the equity deal is expected to close around July 14. Separately, Upexi entered into agreements to issue $150 million in convertible notes to institutional investors. The notes are backed by SOL as collateral and carry a 2% annual interest rate. They are convertible into Upexi stock at a fixed price of $4.25 per share and mature in 24 months. The notes are expected to close around July 16, at which point the associated SOL will be added to the company's holdings. In a June 26 press release, Upexi disclosed that it held 735,692 SOL as of June 24, an 8% increase from the 679,677 SOL reported on May 28. Upon closing of the new financing, Upexi expects to more than double its current SOL position. The offerings were conducted privately and are not registered with the SEC. Technical Analysis SOL demonstrated exceptional resilience throughout the preceding 24-hour period from 10 July 15:00 to 11 July 14:00, progressing from $156.45 to $166.65, constituting a substantial 6.52% appreciation with an aggregate trading range of $10.99 extending from $155.78 to $166.76. The price dynamics unveiled distinctive accumulation sequences with considerable volume-backed support materialising at $160.31 during the 21:00 hour advancement, where extraordinary volume of 3.23 million substantially surpassed the 24-hour mean of 1.34 million, corroborating institutional capital deployment. Pivotal resistance emerged proximate to $165.30, subjected to multiple examinations between 22:00 and 03:00, whilst the conclusive breakthrough above $166.00 transpired with amplified volume of 2.26 million, intimating persistent bullish conviction. The technical architecture suggests SOL has consolidated a superior trading corridor with robust volume validation, establishing foundations for prospective advancement towards the $170.00 psychological threshold. Throughout the concluding 60-minute interval from 11 July 13:05 to 14:04, SOL encountered considerable volatility whilst preserving its overarching bullish disposition, oscillating within a $2.90 bandwidth from $164.24 to $166.76 and settling at $165.87, representing a marginal 0.44% contraction from the hour's commencement at $165.92. The period manifested quintessential consolidation attributes encompassing two discrete phases: an initial retreat to $164.28 circa 13:33 accompanied by intensified distribution pressure of 45,017 volume, succeeded by a vigorous recovery commencing at 13:48 where volume escalated to 81,740 during the ascent towards $166.76, validating renewed accumulation interest. Fundamental support crystallised near $164.30 with multiple successful examinations, whilst resistance materialised around $166.50-$166.75, establishing a well-delineated trading corridor that suggests constructive price discovery following the antecedent 24-hour advance, positioning SOL for potential continuation of its broader upward trajectory upon completion of this consolidation phase. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Yahoo
26-06-2025
- Business
- Yahoo
Solana-Focused Upexi to Tokenize Shares; Added 56K SOL to Holdings
Nasdaq-listed Upexi (UPXI), a consumer-goods company with a crypto treasury strategy focused on Solana SOL, said on Thursday it will tokenize its SEC-registered shares on the Solana network. The firm has tapped Opening Bell, the tokenized equity issuance platform developed by digital asset manager Superstate and initially available on shares are able to trade around the clock, settle in real time and be held in crypto wallets. It's one of the latest trends within the booming tokenization sector, with firms like Kraken, Coinbase and Robinhood eyeing to take part in it. The company also revealed that it added some 56,000 SOL to its treasury through the past month, bringing total holdings to 735,692 SOL, worth roughly $105 million. Upexi is part of the growing cadre of publicly-traded companies that invest in cryptocurrencies, seeking to emulate the success of Michael Saylor's Strategy, the largest corporate owner of bitcoin BTC. The firm pivoted to a Solana treasury strategy in April raising $100 million in a private placement led by crypto trading giant GSR. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
24-06-2025
- Business
- Bloomberg
Solana Treasury Firm Upexi Falls 62% After Insider Sales Filing
Upexi Inc. tumbled as much as 62% following the filing of a registration statement to allow investors to sell common shares in the consumer brands company turned cryptocurrency accumulator. In April, the Tampa, Florida-base firm said it was raising $100 million as part of a pivot that will see the company start to accumulate the cryptocurrency Solana. At the time, the firm announced it has entered into agreements with investors to buy about 43.9 million common shares, or pre-funded warrants. The investors filed with the US Securities and Exchange Commission on Monday to be eligible to sell the stock.
