Solana DAT firm Upexi latest crypto treasury to launch stock buyback program
Upexi, a Solana-based digital asset treasury firm, announced a $50 million stock buyback program to potentially boost its share price.Summary
Upexi (UPXI), a Nasdaq-listed digital asset treasury firm focused on Solana, has announced a $50 million share repurchase program approved by its board. This move aims to enhance the company’s flexibility in acquiring outstanding common shares and signals confidence in its strategy and long-term growth. Upexi joins a growing trend of Digital Asset Treasury (DAT) firms using buybacks to bolster share prices, particularly those holding altcoins like Solana and Ethereum. These firms aim to maintain a positive ratio between share price and net asset valuation (NAV). Upexi recently reported strong financial results, with revenue reaching $9.2 million and net income of $66.7 million. However, concerns remain regarding the potential for market-wide downturns driven by widespread stock repurchases, as highlighted in a Galaxy Research report.
(Source：The Block)