#加密货币监管框架 Seeing the Upexi case, a shadow of the 2017 ICO wave flashed through my mind. Back then, many projects that loudly proclaimed ecological development and unlimited fundraising, how many of them are still alive today?

History always repeats itself in astonishing ways. Upexi has fallen from $22.57 in May to $1.825 now, a decline of over 92%. This is not just stock price fluctuation; it’s market liquidation. A publicly listed company that once claimed to revolutionize crypto treasuries now has to submit a $1 billion fundraising application to the SEC to maintain operations—this shift itself speaks volumes.

What’s truly interesting is the wording of the fundraising purpose: operating funds, R&D, debt repayment. Translated, it simply means they are short on cash. Holding 2 million SOL sounds like a lot, but when the price drops 90% from its high, these assets look pale on the books. It reminds me of projects that once held large token reserves but ultimately fell into trouble due to the lack of a real business model.

The regulatory framework for the crypto market is gradually taking shape, and the SEC’s scrutiny of such companies is tightening. Whether a fundraising application can be approved smoothly depends on whether the project can prove its true value. Judging by the plummeting valuation, the market has already given its answer. This story tells us that the narrative of ecological prosperity can never outweigh real cash flow.