Solana-Focused Upexi to Tokenize Shares; Added 56K SOL to Holdings
Nasdaq-listed Upexi (UPXI), a consumer-goods company with a crypto treasury strategy focused on Solana SOL, said on Thursday it will tokenize its SEC-registered shares on the Solana network.
The firm has tapped Opening Bell, the tokenized equity issuance platform developed by digital asset manager Superstate and initially available on Solana.
Read more: Superstate Expands Into Tokenized Equities; SOL Strategies to Be First Listing
Tokenized shares are able to trade around the clock, settle in real time and be held in crypto wallets. It's one of the latest trends within the booming tokenization sector, with firms like Kraken, Coinbase and Robinhood eyeing to take part in it.
The company also revealed that it added some 56,000 SOL to its treasury through the past month, bringing total holdings to 735,692 SOL, worth roughly $105 million.
Upexi is part of the growing cadre of publicly-traded companies that invest in cryptocurrencies, seeking to emulate the success of Michael Saylor's Strategy, the largest corporate owner of bitcoin BTC. The firm pivoted to a Solana treasury strategy in April raising $100 million in a private placement led by crypto trading giant GSR.
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The decision by Upexi to tokenize shares on the Solana blockchain and add 56,049 SOL tokens demonstrates a strategic move towards hybrid investing models that bring traditional asset markets into an expedited digital future.
The recent initiative by Upexi to tokenize shares with a focus on Solana, resulting in an addition of 56K SOL tokens into their holdings portfolio highlights the increasing interest and adoption potential that decentralized finance (DeFi) sees from traditional industries.
