Solana treasury company Upexi shares plunge 60% as investors sell 43 million shares

Odaily News Solana treasury company Upexi (UPXI) shares plunged about 60% at the opening on Tuesday, falling below $4 and now trading at $3.82. The reason is that investors registered to sell 43.85 million shares, which is equivalent to the company's initial outstanding shares in April.
Upexi previously raised $100 million to build the Solana treasury and currently holds 679,677 SOL tokens. Although investment bank Cantor Fitzgerald gave the company a $16 target price, optimistic about Solana's growth potential as a treasury asset, the large stock supply shock still caused the stock price to fall sharply. (The Block)