Original author: Bright, Foresight News
On the evening of June 24, the stock price of Upexi (stock code: UPXI), a publicly listed Solana treasury company, fell by more than 60% during trading, closing at $3.97. It is reported that the reason for Upexi's flash crash was that investors had registered 43.85 million shares for resale, which is equivalent to the company's initial circulating shares in April.
Ironically, on June 17, Wall Street brokerage Cantor rated Solana treasury companies DeFi Development, Upexi, and Sol Strategies, giving them all a buy rating. The brokerage set a target price of $16 for Upexi. Analysts led by Thomas Shinske wrote, "We believe that SOL financial companies are betting on the future of finance on-chain, and the preferred chain will be Solana." Cantor pointed out that Solana's biggest competitor is the Ethereum blockchain, but its technology is far superior to its larger peers across various metrics, making the use of Solana as a financial asset more meaningful than using Ether.
The earliest hoarders have already started to retreat
Upexi and its predecessor Grove, Inc. is a company focused on the development, manufacturing, and distribution of consumer goods, owning several innovative brands such as the medicinal mushroom product brand Cure Mushrooms, the pet care brand LuckyTail, and the Praxanthine series of energy gummies, selling products through e-commerce platforms like Amazon and Shopify, as well as its own channels. As of April 18, 2025, its market value was only $3 million, and it was in a continuous state of net loss, on the verge of delisting.
On April 21, Upexi announced that it had secured $100 million in financing led by the well-known crypto market maker GSR, of which about 95% would be used to establish and operate the Solana treasury reserve. This news directly stimulated Upexi's stock price, which saw an intraday increase of over 600%.
Upexi's strategy is to "go all in on Sol," and among all Sol treasury companies, Upexi is most similar to a Solana version of MicroStrategy. Upexi has signed securities purchase agreements with some investors to issue and sell 43.8596 million shares of common stock or pre-purchase warrants at a price of $2.28 per share, with expected fundraising of up to $100 million. It plans to use about $5.3 million for working capital and debt repayment, while the remaining funds will be used to establish the company's Solana treasury system and increase its Solana assets.
However, "what comes quickly goes quickly." In June, Upexi's investors registered 43.85 million shares for resale, exactly matching the company's initial circulating shares in April. A prospectus submitted on Monday showed that the original buyers now wish to sell 35.97 million shares of common stock, as well as 7.89 million shares linked to pre-purchase warrants. The document noted that if the holders exercise the warrants, Upexi would only receive $7,890, and selling the shares would not yield any profit.
Upexi's filing with the U.S. Securities and Exchange Commission stated, "We will not sell any common stock in this offering, nor will we receive any proceeds from the sale of shares by selling shareholders."
Upexi is in a dire situation, but other Sol treasury companies rated as "buy" by Cantor are also not faring well.
Sol Strategies, which started hoarding coins earlier, has taken a relatively stable approach, initially relying on external acquisitions to expand its business, and later shifting to rely on fundraising and natural growth from Sol infrastructure accumulation. The current price has dropped 60.8% from its historical high.
DeFi Development, which transitioned from a real estate company, has seen its current price drop 53.6% from its historical high, but it also experienced a 20.88% plunge yesterday.
Meanwhile, "Ethereum MicroStrategy" SharpLink Gaming is also not performing well.
On June 13, SharpLink Gaming submitted an S-3ASR registration statement to the U.S. SEC, authorizing the resale of up to 58.6997 million shares related to PIPE financing. This means that over 100 PIPE investors can choose to sell their holdings at any time. Panic quickly spread, and SharpLink Gaming's stock price fell by over 70% during the day. Although SharpLink's board chairman and Consensys CEO Joseph Lubin clarified that this document is just a routine registration process after PIPE, intended to "pre-register shares for potential resale," it does not represent any actual sales. However, the subsequent stock performance regrettably proved that SharpLink Gaming, which had previously surged over 40 times, was merely a flash in the pan.
Recently started hoarding coins, still frantically entering the market
Although the "MicroStrategy" players of ETH and Sol have failed, new altcoin treasury companies are still FOMOing into the market.
On June 24, following previous market news that "multiple BNB strategic reserve companies are being formed," Nano Labs Ltd (stock code: NA) announced that it had signed convertible note subscription agreements with several investors to issue a total of $500 million in convertible notes. The notes have a term of 360 days, with no interest accruing on the principal before maturity, and holders can choose to convert the notes into Class A common stock of the company at an initial conversion price of $20 per share. Nano Labs plans to initially acquire $1 billion worth of BNB through this financing and private placement, aiming to hold 5% to 10% of the total circulating supply of BNB for the long term.
Upon the announcement, Nano Labs' pre-market stock immediately soared by 65%.
On June 23, eye drug digital technology company Eyenovia (stock code: EYEN) announced that it had signed a securities purchase agreement for $50 million to conduct a PIPE "public equity private placement" for qualified institutional investors, which will be used to establish its Hype reserve plan. The company reported only $56,000 in revenue for the entire year of 2024, a net loss of $50 million, and liabilities exceeding $10 million. With cash flow running dry and failures in new product trials, Eyenovia is facing imminent delisting.
The strategy of transitioning to a HYPE reserve has given Eyenovia a "lifeline." After the related news broke, Eyenovia's stock price surged 134% in a single day.
As the U.S. crypto environment gradually relaxes, the craze for hoarding coin stocks is far from dissipating. However, the continued low performance of early "on-chain MicroStrategy" players has already sounded the alarm for later entrants.
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