Upexi (UPXI), a Nasdaq-listed digital asset treasury firm focused on Solana , said Thursday its board has approved to buy back up to $50 million of its own stock.
The repurchase program gives the company flexibility to buy shares on the open market, depending on conditions and liquidity, the firm said in the press release. CEO Allan Marshall emphasized that the company would execute the plan opportunistically and without affecting its ability to invest in growth or maintain a strong treasury.
The move aligns Upexi with a growing number of digital asset treasury firms turning to share repurchases as their stock prices tumbled over the past months amid waning investor appetite. With market capitalizations in some cases now well beneath the value of the crypto on their balance sheet, DATs reason that buybacks can prove accretive.
Upexi's decision comes as the firm's stock fell over 50% since early October, and almost 90% from the April high. Shares are down 4.4% on Thursday alongside a continuing slide in crypto prices. SOL is barely hanging above $150 now lower by almost 30% over the past month and 20% year-to-date.
The company currently holds 2.1 million SOL, valued at roughly $319 million.
Read more: Crypto Long & Short: The Rise of Digital Asset Treasury Companies
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