Solana treasury firm Upexi plans to tokenize public shares via Superstate's Opening Bell

The consumer product firm and Solana accumulator Upexi (ticker UPXI) plans to tokenize its company shares through Opening Bell, a Securities and Exchange Commission-registered platform out of the tokenized asset management firm Superstate that lets firms directly issue onchain public equities.

Upexi shares are already publicly traded on the Nasdaq stock exchange. By tokenizing its public equity, however, Upexi aims to offer investors round-the-clock trading and settlement, bolstered liquidity, broadened investor access, and compatibility with decentralized finance tools, according to a company release.

"Tokenizing Upexi’s shares on Opening Bell reflects our strong conviction in the future of the Solana ecosystem and our commitment to expanding shareholder access through transformative on-chain technology," said CEO Allan Marshall. "Partnering with Superstate, a leading SEC-registered transfer agent, gives us the trusted foundation to harness Solana’s unmatched speed and scalability for our shares — unlocking new opportunities and driving long-term value for our investors."

Upexi also disclosed that it maintains 735,692 $SOL holdings, valued at around $105 million at current prices, as of June 24 — up from its 679,677 $SOL disclosure on May 28.

Upexi started amassing solana in April after securing a $100 million private investment in public equity (PIPE) deal, led by the crypto trading and investment firm GSR. At the time, Upexi noted plans to not only buy up $SOL but to stake its holdings, joining other publicly traded firms such as DeFi Development Corporation and $SOL Strategies in building out a SOL-focused treasury strategy this year, The Block previously reported.

Superstate launched Opening Bell on May 8 to give investors access to real-time trading and settlement through blockchain technology, starting with proof-of-stake Layer 1 network Solana.

Solana's native token $SOL traded at $142.30 as of writing, according to The Block's $SOL Price Page. $SOL brought in $3.6 billion in 24-hour trading volume and maintains a market cap of $78.1 billion.

UPXI common stock traded at $3.08, as per Nasdaq stock exchange data as of 1:22 p.m. ET (17:22 UTC), down 7.5%. Earlier this week, the firm's shares fell 60%, from about $9.25 to below $4, after investors sought to resell about 44 million shares.