Upexi stock price fell 60% in a single day, and Coin Hoarding has become a new trend of being played for suckers in the market.

Everyone is learning micro-strategy, but not everyone is micro-strategy.

Written by: Bright, Foresight News

On the evening of June 24, the US-listed Solana treasury company Upexi (stock code: UPXI) saw its stock price plunge by over 60% during trading hours, closing at $3.97. It is reported that the reason for Upexi’s flash crash this time was that investors had registered 43.85 million shares of resale stock, which is equivalent to the company’s initial float in April.

Ironically, on June 17, prior to this, Wall Street brokerage firm Cantor rated Solana Treasury’s DeFi Development, Upexi, and Sol Strategies, all with a buy rating. The broker set a target price of $16 for Upexi. Analyst Thomas Shinske wrote, ‘We believe that the future of finance betting 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 all metrics, making it more meaningful to use Solana as a financial asset than Ether.

The first to start hoarding coins have already begun to withdraw

Upexi and its predecessor Grove, Inc. is a company focused on the development, manufacturing, and distribution of consumer goods. It owns multiple innovative brands, such as the medicinal mushroom product brand Cure Mushrooms, the pet care brand LuckyTail, and the energy gummy series Praxanthine, and sells its products through e-commerce platforms such as Amazon, Shopify, and its own channels. As of April 18, 2025, its market value was only 3 million US dollars, and it was in a continuous net loss state, facing delisting.

On April 21st, Upexi announced a $100 million financing led by well-known crypto market maker GSR, with about 95% earmarked for establishing and operating the Solana Treasury Reserve. This news directly boosted Upexi’s stock price, with intraday gains exceeding 600% at one point.

Upexi’s approach is ‘all-in Sol’. Among all Sol treasury companies, Upexi is actually most similar to a Solana version of MicroStrategy. Upexi has entered into securities purchase agreements with certain investors to issue and sell 43.8596 million shares of common stock or warrants at a price of $2.28 per share, with expected fundraising of up to $100 million. It plans to use approximately $5.3 million for working capital and debt repayment, and the remaining funds to establish the company’s Solana treasury system and increase its Solana assets.

And ‘quick to come, quick to go’, in June, Upexi’s investors registered 43.85 million shares of resale stocks, exactly the initial number of shares in April. The prospectus submitted on Monday shows that the original buyers currently want to sell 35.97 million common shares, as well as 7.89 million shares linked to pre-subscription warrants. The document points out that if the holder exercises the warrants, Upexi will only receive 7,890 US dollars, while selling the shares will not generate any income.

Upexi stated in the documents submitted to the U.S. Securities and Exchange Commission: “We will not sell any common stock in this offering, nor will we receive any proceeds from selling stockholders.”

Upexi is very miserable, but other several Sol treasury companies rated as ‘hold’ by Cantor are also not doing well.

Sol Strategies, which started hoarding coins earliest, took a relatively stable approach, initially relying on external acquisitions to expand its business, and later shifting to relying on fundraising and the natural growth brought by Sol infrastructure accumulation. The current price has dropped 60.8% from its historical high.

The DeFi Development, which transformed from a real estate company, has dropped by 53.6% from its historical high, and also experienced a 20.88% plunge yesterday.

The current stock price of ‘Ethereum Micro Strategy’ 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 shares of PIPE financing-related shares. This means that over 100 PIPE investors may choose to sell their holdings at any time. Panic quickly spread, and SharpLink Gaming’s intraday decline exceeded 70%. Despite SharpLink’s chairman and Consensys CEO Joseph Lubin clarifying that this filing is just a routine registration process after PIPE, aimed at ‘pre-registering shares for potential resale,’ and does not represent any actual selling, the subsequent stock performance unfortunately proved that the previously soaring SharpLink Gaming, which had risen more than 40 times, was just a flash in the pan.

Recently started hoarding coins, still going crazy to get in

Although the ‘micro-strategies’ of ETH and Sol have failed, the new altcoin treasury companies are still FOMOing into the game.

On June 24, following the previous market news that ‘multiple BNB strategic reserve companies are being formed,’ Nano Labs Ltd (stock code: NA) announced that it has signed convertible note subscription agreements with multiple investors, issuing a total of $5 billion in convertible notes. The notes have a term of 360 days, with no interest on the principal before maturity. Holders can choose to convert the notes into Class A common stock of the company within the term, with an initial conversion price of $20 per share. Nano Labs plans to initially acquire $10 billion worth of BNB through this financing and private placement, with a target of holding 5% to 10% of the total circulating supply of BNB in the long term.

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

On June 23, Eyenovia (stock code: EYEN) announced that it has signed a securities purchase agreement to raise $50 million from institutional accredited investors through a PIPE (private investment in public equity) to establish its Hype reserve plan. The company had only $56,000 in revenue in 2024, a net loss of $50 million, and liabilities exceeding $10 million. With cash flow drying up and the failure of new product trials, Eyenovia is on the verge of delisting for various reasons.

The strategy of transforming HYPE reserves has given Eyenovia the opportunity to “extend life”, and after the relevant news came out, Eyenovia’s stock price soared by 134% in a single day.

With the gradual relaxation of the US crypto environment, the frenzy of bee coin stocks has not yet dissipated. However, the continued low stock prices of early ‘on-chain micro-strategy’ players have sounded the alarm for later entrants.