BIT Mining Boosts Solana Treasury; Upexi’s SOL Value Rises by 126%

TLDR

• BIT Mining increased its Solana holdings by nearly doubling its position to 44,000 SOL tokens.
• Upexi expanded its Solana treasury, acquiring nearly 18,000 additional SOL tokens, bringing its total to over 2 million.
• Upexi’s adjusted SOL per share increased by 126%, reaching $4.37, up from $1.93 after its private equity sale.
• The company treasury is now valued at over $456 million, benefiting from a significant unrealized gain in SOL’s value.
• BIT Mining’s recent purchases strengthen its position in the Solana ecosystem, with plans to operate in-house validators.

BIT Mining and Upexi are both expanding their positions in the Solana treasury market. On Thursday, BIT Mining increased its holdings of SOL, buying 17,221 tokens. Meanwhile, Upexi announced a significant rise in its adjusted SOL per share by 126%. These moves come as both companies continue to capitalize on the growing value of Solana.

Upexi’s increased holdings and performance

Upexi, a Nasdaq-listed firm, reported an increase in its Solana treasury, adding nearly 18,000 tokens. The total number of tokens in its treasury now exceeds 2 million, valued at over $456 million. Upexi’s stock rose by 5% to $5.76, bringing its market cap to $291 million.

The company highlighted that it acquired its Solana holdings for an average price of $151 per token. This acquisition gives Upexi an unrealized gain of $142 million due to the appreciation in the token’s value. Upexi also introduced a new metric to reflect the growth of its treasury, called “adjusted SOL per share.”

This figure considers the company’s capital issuance, discounted SOL purchases, and staking revenue. With staking yields bringing in around $105,000 daily, Upexi is benefiting from its Solana treasury holdings.

BIT Mining’s Solana treasury expansion

BIT Mining, which is set to rename itself SOLAI Limited, also increased its exposure to Solana. The company nearly doubled its Solana holdings to 44,000 SOL with a 17,221 SOL purchase. BIT Mining’s treasury now holds $9.9 million worth of Solana tokens, a significant position in the digital asset market.

While BIT Mining has not provided detailed information about its staking activities, it has confirmed running in-house validators.

He further explained that the company would continue to operate its validators to enhance the Solana network.

In addition to expanding the Solana treasury, BIT Mining has partnered with Brale Inc. to issue a stablecoin on the Solana blockchain. The DOLAI stablecoin will be AI-native and dollar-denominated. This move aims to expand BIT Mining’s footprint in the Solana ecosystem and the broader blockchain space.

Both Upexi and BIT Mining are part of a larger trend of Solana treasury companies investing in native proof-of-stake tokens. These firms are acquiring Solana to benefit from its price appreciation and staking rewards. According to data from The Block, Solana treasury companies now hold over 4.67 million SOL tokens.

The post BIT Mining Boosts Solana Treasury; Upexi’s SOL Value Rises by 126% appeared first on Blockonomi.