Upexi Treasury Doubles Down on Solana With $16.7M Buy

Upexi, a brand owner that specializes in the development and manufacturing of consumer products, is building the next-generation crypto treasury model. The company recently purchased 83,000 Solana (SOL), valued at over $16.7 million.

An official announcement revealed that the manufacturing firm acquired the asset at an average price of $201 per SOL. This buy brings the company’s holdings to 1.9 million SOL, worth over $381 million, bought at $200 per coin. The purchase cements the firm’s position as one of the big players owning Solana.  

Rising Demand for Solana Treasuries

According to Upexi CEO Allan Marshall, Solana and Upexi are strategically aligned for long-term growth, and Upexi intends to continue expanding the firm’s Solana holdings to support shareholder value.

“The U.S. continues to make progress around digital asset legislation, which has the potential to usher in mass adoption of blockchain technology,” Marshall said.

In recent times, there has been an increasing need for a Solana treasury. DeFi Development Corp, a commercial real estate company, announced that it has purchased 47,272 SOL, valued at approximately $7.03 million. This puts the altcoin on the map, increasing its visibility.

Crypto mining company Bit Mining Limited also disclosed a $200 to $300 million acquisition plan for a Solana treasury reserve. According to the mining company, the move will enhance the firm’s treasury reserves through ongoing capital deployment and incremental acquisitions.

Institutions Double Down on BTC as Treasury Asset

While Bitcoin (BTC) is typically a preferred treasury asset for many institutions, other crypto assets are also gaining traction. As the leading coin, prominent entities with big investors are consistently acquiring the asset.

For example, earlier today, Australian ASX-listed digital asset manager DigitalX announced that it has increased its bitcoin portfolio. The firm disclosed it purchased an additional 74.7 BTC, valued at $8.8 million at current market value.

The company secured the asset at an average acquisition cost of $117,293 per unit, increasing its total holdings to 499.8 BTC. The transaction is valued at approximately $91.3 million. 

In related news, Matador Technologies has finalized a $100 million convertible note agreement with ATW Partners, a prominent institutional investor specializing in growth-stage funding, to support its ongoing acquisition strategy for Bitcoin.

The company intends to expand its long-term Bitcoin-per-share (BPS) metric. According to reports, the firm has completed the first $10.5 million round, investing the entire amount in Bitcoin. The remaining funding is also slated to be allocated to increasing the company’s BTC reserves.