On June 24, the US stock market staged another "crypto-stock linkage" drama: Solana treasury concept stock Upexi (UPXI) crashed by over 60%, closing at $3.97. Previously touted as the "Solana version of MicroStrategy," the stock barely stabilized before early shareholders jumped ship.
Simply put, the trigger for the crash was: 45.85 million shares of stock suddenly registered for resale, which exactly matches Upexi's total circulating shares in April. These weren't new shares from financing, but original investors cashing out while the price was high.
More ironically, just a week earlier, Wall Street broker Cantor gave the company an "overweight" rating with a $16 price target, believing Solana would replace Ethereum as the infrastructure for on-chain finance.
Upexi's script was quite clear: originally a traditional consumer goods company (selling mushrooms, pet supplies, energy candies), they suddenly pivoted to on-chain treasury this year, raising $100 million in financing through GSR, almost All In on Solana, becoming similar to a crypto "meme heavyweight".
But the change came too quickly. The S-1 filing in June showed investors wanting to resell up to 35.97 million shares, with an additional 7.89 million shares linked to warrants. More bizarrely, if these warrants were exercised, Upexi would only receive $7,890, and selling the stock would yield nothing. The stock crash was inevitable.
And this is not an isolated case.
Cantor's other two recommended "Sol treasury stocks" are also miserable:
- Sol Strategies: Dropped over 60% below its historical high;
- DeFi Development: Transformed from a real estate company, recently plummeted 20%, over 50% down from its peak.
Even the "Ethereum MicroStrategy" - SharpLink Gaming - couldn't hold up. On June 13, after submitting a PIPE share resale registration statement, it plummeted over 70% intraday. Not even ConsenSys CEO Joseph Lubin could put out the fire.
It seems that the earliest Sol and ETH treasury stock players are quietly withdrawing.
But FOMO has never stopped just because others have fallen into the trap.
New players frantically relay, BNB treasury concept speculation begins?
On the same day Upexi crashed, Nano Labs (NA) boldly announced convertible bonds, targeting $500 million in financing to purchase $1 billion worth of BNB, aiming to hold 5%~10% of total BNB supply. Stimulated by this news, the stock surged 65% pre-market.
On the other side, the nearly delisted eye technology company Eyenovia (EYEN), by establishing a "Hype reserve" concept, completed a reversal, with a PIPE financing announcement causing the stock to surge 134% in a single day.
In one sentence: On-chain treasury became a new narrative for transformation.
Epilogue: Is on-chain treasury a collective hallucination?
Whether Solana, Ethereum, or BNB, more and more traditional US stocks are donning the "on-chain asset reserve" cloak, using financing to splash crypto market heat, then feeding back to boost stock prices.
But when the first batch of "MicroStrategy-like companies" start being sold off, facing delisting, and net zero, the story's ending becomes cruel.
Capital doesn't show mercy, only liquidity. Once there are no new stories, no new money, all "on-chain treasuries" are just illusions from a past trend.
This "crypto stock" climax is far from over, but no matter how exciting the story, we can't ignore - the last person holding the bag always pays.
That's the end of the article! If you're lost in crypto, consider joining our community to layout and harvest from market makers! Scan WeChat or QQ! WeChat: Fupi22497 or QQ: 3847185042
