What happened to the price of Upexi's purchase of $100 million worth of SOL that flash crashed 60% last night?

Nasdaq-listed Upexi (UPXI) shares broke above $4 after the opening session last night, down nearly 60% from the previous day's closing price of $9.25. The market attributed the sudden increase in the number of floating shares of the company, creating a clear "supply shock". (Synopsis: From selling sugar to cryptocurrency, U.S. listed company Upexi began to bet on the "Solana strategy") (Background supplement: listed company encryption reserve concerns: may repeat the grayscale GBTC "lightning script"? On June 24, Eastern time, the stock price of Nasdaq-listed Upexi (UPXI), which recently bought nearly $100 million SOL, fell above $4 in an instant after the open, down nearly 60% from the previous day's Closing Price of $9.25. Source: Google Finance Resale register detonates selling pressure According to The Block, the company's prospectus filed on Monday shows that buyers now want to sell 35.97 million common shares and 7.89 million shares linked to prepaid warrants. The filing states that if the holder exercises the warrants, Upexi will only pay $7,890, while there will be no gain from the sale of the shares. Amid market concerns that equity is being significantly diluted, selling pressure is concentrated on the opening instantaneous. Extended reading: SharpLink Gaming smashed $460 million to buy 176,000 ETH, but the stock price fell by nearly 70% Solana reserve strategy in focus Upexi, a self-proclaimed "encryption vault company", immediately bought 45,733 Solana after raising $100 million through private sale PIPE in April (SOL)。 As of now, the coin holdings have climbed to 679,677 SOLs, which is worth about $100 million at the current market price. The management team expects to drive profitability through SOL's capital appreciation and 7%–9% stake earnings. Brokerage Cantor Fitzgerald gave a $16 price target at the beginning of the month, bullish on Solana's growth relative to Ethereum. CEO Allan Marshall emphasized: "Registration is not an immediate sale. We remain confident in the long-term value of Solana's treasury strategy." However, the day's market trend showed that the market's doubts about the short-term chip side have overwhelmed expectations for long-term strategies. Four risks of the encryption vault model Upexi's big dump also makes the market re-examine this type of business model, after all, since 2025, a large number of listed companies have listed cryptocurrency as a treasury asset, and they will generally face four major challenges: First, the coin price fluctuates sharply Second, the market cap and net asset value may depeg Third, subsequent capital increase or warrant exercise brings stock dilution pressure Fourth, Regulatory and accounting policies remain uncertain Experts point out that even if BTC ETFs open new ideas and the prospects of Solana ETFs are in the spotlight, as long as the market loses confidence in fundraising, the stock price may still test quickly. Eyenovia's stock soared 72% However, it is worth noting that Eyenovia, a publicly traded company that previously used $HYPE (Hyperliquid) as a strategic reserve asset of the company, rose 72% after the US stock market opened yesterday (24), and the Market Cap soared to $27.18 million, in stark contrast to the tragic situation of Upexi. Extended reading: Listed company Eyenovia announced a $50 million investment in $HYPE, why choose Hyperliquid instead of BTC? Related reports Classover, a listed company in the United States, is a SOL reserve company! Raise $500 million, rise nearly 40% in a single day, can buy newly listed encryption companies 10 times? AltCoin's paradigm shift? Encryption market warms up: Solana welcomes the new stage, MCP becomes a new hot spot in the AI track [Upexi's stock price that bought $100 million SOL flash crashed 60% last night, what happened? This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Block Chain News Media".