Institutional interest in Solana is increasing, with more public companies that make multi-million dollars bets on its long-term potential. Among them, Nasdaq-raised company Upexi has taken the lead and now it is about strengthening his strategy with a new committee.
Summary
- Upexi, a Nasdaq-listed company for consumer products, has launched an advisory committee to guide its Solana Treasury strategy.
- Upexi currently has more than 2 million SOL, with a value of more than $ 400 million, making it the largest company holder of the token.
- Sol Price has risen by more than 15% in 24 hours to $ 201, with weekly profit at 23% and the market capitalization of $ 108.5 billion.
On 12 August, the listed Consumer Products Company Upexi announced the establishment of an advisory committee that focuses on its Solana (SOL) Treasury bid.
The committee will be responsible for stimulating the strategy, expanding visibility and unlocking capital for its acquisitions. Upexi called former Bitmex CEO Arthur Hayes as the first paragraph of the committee, which is expected to bring his expertise in the field of digital assets and institutional finances to the company.
Since the use of his Sol -oriented reserve strategy, Upexi has maintained an aggressive accumulation pace and became SOL’s largest company holder. The company has more than 2 million SOL, with a value of more than $ 400 million at the current prices.
But Upexi is not the only company that bet on Solana, with a number of other companies that also take the active tap as a worthy reserve resistant.
Solana gains ground in business treasury
Two other listed companies, including a NYSE-not-listed crypto-building company Bit Mining and Defi Development Corp., have also unveiled their various Solana reserves and made millions with token accumulation.
Defi Development Corp recently increased its participations to 999,999 Sol, making it the second largest company holder. The portfolio of Bit Mining has approximately 27.190 Sol, and the company has recently revealed that it will liquidate all existing crypto companies to go everything on SOL.
The company deployment on SOL now translates into a price promotion.
Sol recovers $ 200 because the double digits jumps
Solana traded just over $ 201 and has risen around 15.2% in the last 24 hours. The profits bring its trend to 23%last week, which marks a strong recovery since the $ 200 in July.
The Uptick also comes alongside a wider market boost, with different assets, including Bitcoin (BTC), Ethereum (ETH) and XRP (XRP), trending up and making new profits. The market capitalization of SOL is now $ 108.5 billion, with a daily trade volume that sets 130% up to $ 12.8 billion, which shows a strong investor’s interest and is today one of the biggest profit in the crypto market.
Signals on chain contribute to the bullish sentiment. Sol is broken above all important exponential advancing averages and is currently in an upward trend. Crypto.news recently noted that the token formed a Golden Cross, an arrangement that was last seen in October that preceded the next three months of a rally of 50%.
Solana has now risen 38% compared to its year to date and 14% shy of his $ 236 of all time reached high in November 2021, with market expectations that assemble that it could quickly re -test and possibly push higher as the momentum builds.
