In an innovative move, consumer product company and Solana accumulator, Upexi (ticker UPXI), has announced plans to tokenize its shares via Opening Bell. This platform, registered with the Securities and Exchange Commission, is a product of Superstate, a firm specializing in tokenized asset management. Opening Bell allows companies to directly issue onchain public equities.
While Upexi’s shares are currently traded on the Nasdaq stock exchange, the company aims to enhance its offerings by tokenizing its public equity. This move is expected to offer investors 24/7 trading and settlement, improved liquidity, expanded investor access, and compatibility with decentralized finance tools, as per a company press release.
“Our decision to tokenize Upexi’s shares on Opening Bell underscores our firm belief in the future of the Solana ecosystem and our dedication to extending shareholder access through revolutionary on-chain technology,” remarked CEO Allan Marshall. He added, “Collaborating with Superstate, a distinguished SEC-registered transfer agent, equips us with a reliable foundation to leverage Solana’s unparalleled speed and scalability for our shares — paving the way for new opportunities and fostering long-term value for our investors.”
Upexi disclosed that it held 735,692 SOL, valued at approximately $105 million at current rates, as of June 24 — marking an increase from its 679,677 SOL disclosure on May 28. Following a $100 million private investment in public equity (PIPE) deal led by crypto trading and investment firm GSR in April, Upexi began amassing Solana. The company has also expressed intentions to stake its holdings, joining other publicly traded firms such as DeFi Development Corporation and SOL Strategies in establishing a SOL-centric treasury strategy this year.
Opening Bell was launched by Superstate on May 8 to provide investors with access to real-time trading and settlement through blockchain technology, starting with the proof-of-stake Layer 1 network Solana.
Solana’s native token SOL was trading at $142.30 at the time of writing, according to The Block’s SOL Price Page. SOL recorded $3.6 billion in 24-hour trading volume and boasts a market cap of $78.1 billion. UPXI common stock was trading at $3.08, as per Nasdaq stock exchange data as of 1:22 p.m. ET (17:22 UTC), marking a decline of 7.5%. Earlier this week, the company’s shares dropped 60%, from around $9.25 to below $4, after investors attempted to resell approximately 44 million shares.
Disclaimer: This article is for informational purposes only. It is not proffered or intended to be used as legal, tax, investment, financial, or other advice.
