Nasdaq-listed Upexi is advancing its crypto capital markets presence by announcing plans to tokenize its shares on the Solana blockchain via a partnership with Opening Bell, a regulated on-chain equity issuance platform developed by Superstate. This initiative aims to enable 24/7 trading, real-time settlement, and expanded investor access using crypto-native wallets, while maintaining full shareholder rights compliant with SEC regulations.
Upexi has deepened its Solana treasury holdings to 735,692 SOL—an 8% increase since May—valued at approximately $105 million, underpinning its blockchain-centered treasury strategy that leverages staking and yield generation. This move aligns with a broader industry trend of public companies adopting Solana-native financial infrastructure, as exemplified by other firms like DeFi Development Corp. and Sol Strategies Inc.
Despite this strategic shift, Upexi's stock has experienced notable volatility, with shares dropping over 60% in late June following a large resale registration statement, and a further 8% decline on June 26 amid tokenization activity. CEO Allan Marshall emphasizes that these filings are routine and denies confirmed insider selling. Market analysts, including Cantor Fitzgerald, remain optimistic, assigning an overweight rating and a $16 target based on Solana's network growth and suitability as a treasury asset compared to Ethereum.
The tokenization leverages Solana's high-speed, low-cost execution to reduce trading friction and introduce programmable equity features such as governance and staking, positioning Upexi at the forefront of blockchain-enabled public equity. This long-term approach seeks to modernize shareholder engagement, streamline equity distribution across jurisdictions, and integrate decentralized finance capabilities to enhance capital market innovation.