Crypto treasury bubble burst? Sol camp's stock price collectively halved, while new players BNB and Hype soared 65%

By: Bright, Foresight News

On the evening of June 24, the stock price of Upexi (stock code: UPXI), a Solana treasury company listed on the US stock market, fell by more than 60% during the trading session and finally closed at $3.97. It is reported that the reason for Upexi's flash crash was that investors had previously registered 43.85 million shares for resale, which was equivalent to the company's initial outstanding shares in April.

Ironically, on June 17, Wall Street brokerage Cantor rated Solana Treasury DeFi Development, Upexi and Sol Strategies, and gave them all overweight ratings. The broker has a target price of $16 for Upexi. Analysts led by Thomas Shinske wrote: "We believe that SOL Finance is betting that the future of finance will be on-chain, and the preferred chain will be Solana." Cantor pointed out that Solana's biggest competitor is the Ethereum blockchain, but its technology is much better than its larger peers in every indicator, and using Solana as a financial asset makes more sense than using Ether.

Those who started hoarding coins first have already started to withdraw

Upexi and its predecessor, Grove, Inc, are companies that focus on the development, manufacturing and distribution of consumer products. They own a number of innovative brands, such as the medicinal mushroom product brand Cure Mushrooms, the pet care brand LuckyTail, and the Praxanthine series of energy gummies. They sell their products through e-commerce platforms such as Amazon and Shopify and their own channels. As of April 18, 2025, its market value is only US$3 million, and it is in a state of continuous net loss and is on the verge of delisting.

On April 21, Upexi announced that it had received $100 million in financing led by the well-known crypto market maker GSR, of which about 95% will be used to establish and operate the Solana Treasury Reserve. This news directly stimulated the intraday increase of Upexi's stock price by more than 600% that day.

Upexi's strategy is "all in Sol". Among all Sol treasury companies, Upexi is actually the most like the Solana version of MicroStrategy. Upexi has signed a securities purchase agreement with some investors to issue and sell 43,859,600 common shares or pre-subscription warrants at a price of $2.28 per share, and is expected to raise up to $100 million. It plans to use about $5.3 million of the funds for working capital and debt repayment, and the rest of the funds will be used to establish the company's Solana treasury system and increase Solana assets.

And "come fast, go fast", in June, Upexi's investors changed hands and registered 43.85 million shares for resale, which was exactly the company's initial outstanding shares in April. The prospectus filed on Monday showed that the original buyer currently hopes to sell 35.97 million shares of common stock and 7.89 million shares linked to prepaid warrants. The document pointed out that if the holder exercises the warrant, Upexi will only receive $7,890, and there will be no proceeds from the sale of shares.

“We will not sell any shares of our common stock in this offering and will not receive any proceeds from any sale of shares by the selling stockholders,” Upexi said in its filing with the U.S. Securities and Exchange Commission.

Upexi is in a bad state, but several other Sol Treasury companies rated "overweight" by Cantor are also not doing well.

Sol Strategies, which was the first to hoard coins, was relatively stable. It initially relied on external acquisitions to expand its business, and later turned to natural growth brought about by raising funds and Sol's infrastructure accumulation. The current price is 60.8% lower than the historical high.

Among them, DeFi Development, which transformed from a real estate company, is currently 53.6% lower than its historical high, but it also experienced a 20.88% plunge yesterday.

The current stock price of "Ethereum MicroStrategy" SharpLink Gaming is also unsatisfactory.

On June 13, SharpLink Gaming submitted an S-3ASR registration statement to the U.S. SEC, authorizing the resale of up to 58,699,700 PIPE financing-related shares. This means that more than 100 PIPE investors can choose to sell their holdings. For a time, panic spread rapidly, and SharpLink Gaming fell more than 70% during the day. Although Joseph Lubin, chairman of the board of directors of SharpLink and CEO of Consensys, clarified that this document is just a regular registration process after PIPE, and its function is to "pre-register shares for potential resale" and does not represent any actual sales. However, the subsequent stock price performance has unfortunately proved that SharpLink Gaming, which had risen more than 40 times before, was only a flash in the pan.

Those who have recently started hoarding coins are still entering the market crazily

Although the "micro-strategies" of ETH and Sol have failed, new altcoin treasury companies are still entering the market through Fomo.

On June 24, following the previous market news that "several BNB strategic reserve companies are being established", Nano Labs Ltd (stock code: NA) announced that it had signed a convertible note subscription agreement with multiple investors to issue convertible notes totaling US$500 million. The term of this note is 360 days, and the principal will not accrue interest before maturity. The holder can choose to convert the note into the company's Class A common stock within the term, with an initial conversion price of US$20 per share. Nano Labs plans to acquire US$1 billion worth of BNB through this financing and private placement in the initial stage, and aims to hold 5% to 10% of the total circulating supply of BNB for a long time.

As soon as the news came out, Nano Labs' pre-market stock immediately soared 65%.

On June 23, Eyenovia (stock code: EYEN), an eye medicine digital technology company, announced that it had signed a securities purchase agreement to conduct a PIPE (Private Equity) with qualified institutional investors for $50 million, which will be used to establish its Hype reserve plan. The company's full-year revenue in 2024 was only $56,000, with a net profit of negative $50 million and a debt of over $10 million. The exhaustion of cash flow and the failure of the trial of new products are multiple reasons that Eyenovia is about to face delisting.

The strategy of transforming into HYPE reserves gave Eyenovia a chance to "extend its life". After the relevant news leaked, Eyenovia's stock price soared 134% in a single day.

As the US crypto environment gradually relaxes, the craze for cryptocurrency stocks is far from over. However, the continued low stock prices of early "on-chain micro-strategy" players have sounded the alarm for latecomers.