Upexi Leads the Charge in Institutional Investment in Solana
The institutional interest in Solana is increasing, with more public companies exhibiting confidence in its long-term potential. Among them, Nasdaq-listed company Upexi has taken the lead, strengthening its strategy with a new committee. Upexi, a consumer products company, has launched a consulting committee to oversee its Solana Treasury strategy, further solidifying its position as a major player in the Solana ecosystem.
Committee Formation and Token Accumulation
The committee will be responsible for enhancing the strategy, expanding visibility, and unlocking capital for acquisitions. Upexi has appointed former Bitmex CEO Arthur Hayes as the first member of the committee, bringing his expertise in digital assets and institutional finance to the company. With over 2 million SOL tokens worth more than $400 million, Upexi is now the largest company owner of the token, demonstrating its aggressive accumulation pace and commitment to its SOL-focused reserve strategy.
Corporate Adoption of Solana
Upexi is not the only company investing in Solana; other listed companies, such as Crypto Mining Company Bit Mining and NYSE-listed Defi Development Corp, have also presented their Solana reserves and allocated millions for token accumulation. Defi Development Corp recently increased its holdings to 999,999 SOL, becoming the second-largest company owner, while Bit Mining’s portfolio holds around 27,190 SOL, with plans to liquidate all existing crypto holdings to focus on Solana.
Solana’s Price Surge
The corporate bet on SOL is now translating into a price campaign, with Solana’s price rising by around 15.2% in the last 24 hours, reaching $201 at the time of press. This upward trend marks a strong recovery since the decline below $200 in July, with a 23% increase in the past week. The market capitalization of SOL is now $108.5 billion, with a daily trading volume increase of 130% to $12.8 billion, indicating strong investor interest.
On-Chain Signals and Market Trends
On-chain signals contribute to the bullish sentiment, with Solana primarily dealing with exponential moving averages and currently in an upward trend. The token has formed a golden cross, a setup that was last seen in October, preceding a 50% rally in the following three months. Solana’s price diagram shows a significant increase, with a 38% rise from $236 in November 2021.
Solana’s price diagram | Source: Tradingview
For more information on Solana and its growing institutional investment, visit https://crypto.news/solana-treasury-company-upexi-taps-arthur-hayes-for-advisory-committee/
