Upexi accelerates Solana strategic accumulation…recruits 'SOL Big Brain' as an advisor

U.S. Nasdaq-listed company Upexi (ticker UPXI) said it has recruited a prominent Solana (SOL) investor, nicknamed 'SOL Big Brain', as an advisor. This marks the company's second move to bring an industry notable onto its advisory board, following Arthur Hayes, co-founder of BitMEX.

According to The Block on the 30th (local time), Upexi was originally a consumer goods brand consolidation company but has transitioned to a crypto-focused firm since April this year by beginning strategic accumulation of Solana. At that time it purchased about $6.7 million worth of Solana, and now holds more than 2 million tokens valued at about $4.1 billion. The company said it stakes most of its holdings and earns an annual return of about 8%.

Rising Solana prices have boosted Upexi's strategy. When Upexi began buying, Solana was near a 13-month low of around $100, but it has since climbed to over $208, more than doubling. As a result, the company's net asset value rose from $1.14 billion to $4.33 billion, and unrealized gains surged by more than 1300% to reach $1.28 billion.

Solana has gained additional upward momentum recently as institutional demand expands and expectations grow for approval of a spot exchange-traded fund (ETF). Bloomberg Intelligence analyst Eric Balchunas said, "Solana ETF approval is 100% certain" and "it could be announced at any time."