U.S.-Japan trade pact; Alphabet, Tesla to report - what’s moving markets
Upexi Inc. (UPXI) purchased an additional 100,000 SOL tokens for $17.7 million, bringing its total cryptocurrency holdings to 1,818,809 SOL valued at $331 million, according to a company statement.
The consumer products company acquired the latest SOL tokens on July 17 at $176.77 per token. The purchase follows a $200 million equity and convertible notes private placement completed last week.
Upexi’s SOL holdings increased 147% from 735,692 tokens at the end of June. The company acquired its total 1.8 million SOL tokens for $273 million, creating an unrealized gain of approximately $58 million based on current market prices. Of the total holdings, 56% were purchased in locked form at a discount.
The company stakes substantially all its SOL tokens, generating approximately 8% annual yield. Based on current SOL prices and yield rates, Upexi projects potential annual staking revenue of up to $26 million from its current holdings.
"Upexi was the first public company to raise a large-scale equity private placement for an altcoin digital asset treasury," said Allan Marshall, Chief Executive Officer. "In just three months, we have successfully closed two additional accretive capital raises, including a highly innovative in-kind convertible note, and grew the treasury to 1.8 million SOL or $331 million."
As of July 18, Upexi had a market capitalization of $402 million based on 53.8 million shares outstanding. The company’s market cap represents 1.2 times the value of its SOL holdings, which the company refers to as its "Basic mNAV" metric.
Under adjusted metrics assuming conversion of pre-funded warrants and convertible notes, Upexi calculates an adjusted share count of 94.2 million shares and an adjusted market cap of $705 million, representing 2.1 times its SOL holdings value.