Upexi, Inc., a Florida-based company that owns and manages consumer product brands, has taken a big step deeper into cryptocurrency. The company announced it has bought 83,000 Solana (SOL) tokens for around $16.7 million. This means they paid about $201.34 per SOL.
With this latest purchase, Upexi now has 1.9 million SOL tokens, worth more than $381 million based on yesterday’s Solana spot price of $200.60. Solana’s market price is currently around $189.45, down 4.74% in the last 24 hours.
Allan Marshall, Upexi’s CEO, said he believes the U.S. is making strong progress in crypto regulation, which could lead to massive adoption of blockchain. He added that both Solana and Upexi are in a strong position to benefit from these changes and that the company will continue to “HODL” (hold) its Solana for the benefit of shareholders.
Upexi is mainly involved in making and selling consumer products but has recently started expanding into cryptocurrency. It manages a crypto portfolio as part of its asset strategy.
On July 15, Upexi announced plans to raise $200 million through equity and convertible note offerings to more than double its Solana holdings from 735,692 to 1.65 million SOL. With the latest purchase, Upexi has now completed its Solana doubling plan.
Also Read: Solana ETF ‘’90% Likely This Year,” Says Upexi CEO & CSO
