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Investing.com -- Upexi Inc (NASDAQ:UPXI) stock surged 14.3% after the company announced it has acquired an additional 100,000 SOL tokens, bringing its total Solana holdings to 1,818,809 SOL worth approximately $331 million.
The recent purchase of 100,000 SOL for $17.7 million follows Upexi’s successful closing of a roughly $200 million equity and convertible notes private placement last week. The company’s SOL holdings have increased 147% from 735,692 SOL at the end of June, with 56% of the tokens purchased in locked form at a discount.
Upexi acquired its 1.8 million SOL tokens for $273 million, which are now valued at $331 million, representing an unrealized gain of approximately $58 million. The company continues to stake substantially all of its SOL, generating an approximately 8% yield. Based on current SOL prices and staking yield, Upexi anticipates it may generate up to approximately $26 million in annual staking revenue.
"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 of Upexi. "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 cap of $402 million based on 53.8 million shares outstanding, which is approximately 1.2 times the value of its SOL holdings. The company refers to this metric as its "Basic mNAV."
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