The new registration filed with the US Securities and Exchange Commission (SEC) allows these investors to sell their stock if they choose to do so.
Upexi’s CEO, Allan Marshall, addressed the situation in an interview, explaining that the filing is standard procedure and does not necessarily indicate an immediate intent to sell by investors. “It doesn’t mean the investors are selling or want to sell, but it means they can,” he stated.
However, the Solana treasury company’s stock (UPXI) closed Tuesday’s trading session down little over 60% toward $3.97, and down from the $24 level, its highest price for the year reached last April.
Other cryptocurrencies, including XRP, Solana, and Ethereum (ETH), also experienced gains, contributing to a 3% increase in the overall cryptocurrency market cap, which rose from $3.19 trillion to $3.27 trillion since the ceasefire announcement.
The backdrop of this volatility stems from escalating conflict earlier in the month, triggered by a United Nations report indicating Iran’s non-compliance with nuclear safeguards. This led to Israeli airstrikes on nuclear sites in Iran, escalating tensions and prompting fears of a broader conflict.
The situation intensified further when Trump announced US military airstrikes on Iranian nuclear facilities, sending investors into a panic and causing Bitcoin to drop below $100,000 for the first time in over a month.
When writing, Solana trades at $145, up by 1.5% in the 24-hour time frame.
Featured image from DALL-E, chart from TradingView.com
