Shares of Solana Treasury company Upexi plunged 60% as investors sold 43 million shares

Shares of Solana Treasury Inc. Upexi (UPXI) plunged about 60% at the open on Tuesday, falling below $4 and are now trading at $3.82. The reason was that investors registered to sell 43.85 million shares, an amount equivalent to the company’s initial outstanding shares in April. Upexi previously raised $100 million to build the Solana treasury and currently holds 679,677 SOL tokens. Although investment bank Cantor Fitzgerald gave the company a $16 price target and was bullish on Solana’s growth potential as a treasury asset, the massive stock supply shock caused the stock price to fall sharply. （The Block）