Largest Solana treasury company falls below 1X mNAV
As the bitcoin (BTC) treasury company mania has deflated from its May 12 peak, altcoin treasury stocks suffered even worse. Already, the largest Solana (SOL) treasury company has fallen below the sacrosanct 1X multiple-to-net asset value or “mNAV.” In other words, investors are willing to pay less for shares of the company than the value of that company’s SOL holdings. Upexi, as of publication time, has a market capitalization of $330 million. The company holds 1.9 million SOL worth over $353 million, valuing it at a sad, 0.94X mNAV . For context, Michael Saylor’s market leader of treasury companies, MicroStrategy, trades at a 1.61x mNAV. Upexi’s slip is a dramatic retracement of its lofty valuation when the company debuted its Solana acquisition plans. On April 21 — the same week that Tether and Bitfinex ignited crypto treasury mania with the launch of Twenty One — executives first announced their Solana treasury. Shares opened for trading ...
