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Solana Treasury company Upexi's stock price experienced a big dump of 60% adding selling pressure
Solana-based financial company Upexi (UPXI) saw its stock price open with a big dump of about 60% on Tuesday, falling below $4 to currently stand at $3.82. This was due to investors selling off 43.85 million shares, equivalent to the company's initial circulating shares in April.
Upexi previously raised $100 million to establish the Solana treasury, currently holding 679,677 SOL tokens. Despite investment bank Cantor Fitzgerald giving the company a target price of $16, bullish on Solana's growth potential as a treasury asset, a large supply of stocks still led to a significant decline in the stock price.