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Upexi Inc. (UPXI) purchased 83,000 SOL tokens for $16.7 million at $201.34 per token, according to a company statement. The acquisition brings the company’s total Solana holdings to 1.9 million SOL, valued at approximately $381 million based on a spot price of $200.60 per token.
The Tampa-based company specializes in consumer product development, manufacturing and distribution, and has expanded into cryptocurrency investments. Chief Executive Officer Allan Marshall said the company plans to continue purchasing and holding Solana tokens.
"The U.S. continues to make progress around digital asset legislation, which has the potential to usher in mass adoption of blockchain technology," Marshall stated. "Solana and Upexi are well-positioned to benefit, and we will continue to buy and HODL Solana for the benefit of shareholders."
The purchase represents part of Upexi’s treasury strategy that involves managing assets through a cryptocurrency portfolio. The company has positioned itself to benefit from potential regulatory developments in the digital asset space.
Upexi’s stock trades on the NASDAQ exchange under the ticker symbol UPXI. The company’s cryptocurrency holdings now represent a significant portion of its asset base, with the 1.9 million SOL tokens valued at more than $381 million at current market prices.