Everyone is learning from MicroStrategy, but no one is MicroStrategy.
Written by: Bright, Foresight News
On the evening of June 24, the stock price of Upexi (ticker: UPXI), a Solana treasury company listed on the US stock market, dropped by over 60% during trading, ultimately closing at $3.97. It is reported that Upexi's sudden crash was due to investors registering 43.85 million shares for resale, which is equivalent to the company's initial circulating shares in April.
Ironically, on June 17, Wall Street brokerage Cantor rated the Solana treasury companies DeFi Development, Upexi, and Sol Strategies, giving them all a buy rating. The brokerage's target price for Upexi was $16. Led by Thomas Shinske, the analysts wrote: "We believe that SOL financial companies are betting on the future of finance on-chain, with Solana being the preferred chain." Cantor noted that Solana's biggest competitor is the Ethereum blockchain, but its technology is far superior to its larger peers across various metrics, making Solana more meaningful for financial assets than Ether.
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