Nasdaq-listed Upexi is taking a major step into the crypto capital markets by announcing plans to tokenize its shares on the Solana blockchain.
On June 26, the company announced it will bring its stock on-chain through Opening Bell, a regulated on-chain equity issuance platform developed by fintech company Superstate. The move aims to offer 24/7 trading, real-time settlement, and expanded investor access via crypto-native wallets.
“Tokenizing Upexi’s shares on Opening Bell reflects our strong conviction in Solana and our commitment to expanding shareholder access through transformative on-chain technology,” said CEO Allan Marshall.
Launched in May 2025, Opening Bell unlocks decentralized finance features like automation, token-based governance, and staking by enabling compliant programmable equity. The announcement comes as Upexi deepens its Solana-based treasury strategy.
The company disclosed that it now holds 735,692 Solana (SOL), an 8% increase from 679,677 SOL in May. At current prices, the holdings are worth about $105 million.
Upexi began its pivot in April 2025 with a $100 million private placement led by crypto trading firm GSR. It’s now the largest Solana treasury company, aiming to accumulate SOL and generate returns through staking and yield strategies.
However, the company’s stock has seen recent volatility. Shares dropped over 60% to below $4 on June 24 after a registration statement allowed resale of 43.85 million shares, the entire April float. While fears of insider selling surfaced, Marshall called the filing routine and clarified that no insider offloading had been confirmed.
Analysts have backed Upexi’s strategic shift despite the volatility. Cantor Fitzgerald initiated coverage in June with an “overweight” rating and a $16 target, citing Solana’s growing network activity and appeal as a treasury asset over Ethereum (ETH).
The company joins a growing cohort of firms adopting Solana-native strategies. DeFi Development Corp., the first U.S.-listed firm to tokenize stock on Solana, partnered with Kraken and Backed to launch its DFDV stock on June 24. The company now holds over 600,000 SOL and runs validator infrastructure, with its liquid staking token dfdvSOL integrated across Solana’s DeFi ecosystem.
Meanwhile, Sol Strategies Inc. holds 40,000 SOL and obtained a $500 million convertible note in May from ATW Partners to expand its treasury. The firm is working with Superstate to tokenize its shares via Opening Bell.
