Solana (SOL) treasury activity continues to draw institutional attention after Nasdaq-listed consumer brand company Upexi Inc. announced a new $500 million equity line agreement on Monday. The facility, arranged with A.G.P./Alliance Global Partners, allows the company to issue common stock at its discretion, subject to certain closing conditions.
In a press release, Upexi said the funds will be used for general corporate purposes and to expand its Solana treasury strategy, which has grown rapidly since the company began accumulating SOL earlier this year. The firm emphasized that the facility includes “no commitment fee” and was negotiated on “particularly friendly terms,” offering what Upexi described as an attractive cost of capital.
“The equity line gives Upexi additional means and flexibility to raise capital and increase its Solana position,” CEO Allan Marshall said in the release. “We now have a multitude of tools to raise capital in the most cost-effective and accretive manner.”
The announcement follows Upexi’s July 21 disclosure that it had acquired another 100,000 SOL — funded through a $200 million private placement — bringing its total holdings to 1,818,809 SOL worth approximately $331 million at the time. More than half of the tokens were purchased in locked form at a discount, resulting in an estimated $58 million unrealized gain.
The company has since staked nearly all of its SOL to earn yield, projecting up to $26 million in annual staking revenue at current rates. Upexi has also introduced a new benchmark, the “Basic mNAV,” which measures its market cap against the dollar value of its SOL holdings. As of July 18, that ratio stood at 1.2x.
The stock issuance arrangement gives the company additional room to scale its strategy, potentially giving it a larger role in shaping market expectations around institutional altcoin accumulation. Still, Monday’s price action for SOL showed mixed sentiment. According to CoinDesk Data, SOL declined 0.99% to $187.35 in the past 24 hours.
The downturn followed a sharp reversal from intraday highs, with heavy selling pressure emerging during the afternoon session. However, volume spikes late in the day hinted at renewed interest from market participants, possibly positioning ahead of further treasury updates or macro catalysts.
Technical Analysis Highlights
- According to CoinDesk Research's technical analysis data model, SOL traded within a 24-hour range of $186.38 to $194.99, a 4.47% swing, from July 27 at 16:00 UTC to July 28 at 15:00 UTC.
- The price rallied from $186.42 to $194.99 by 05:00 UTC on July 28, gaining 4.59% before encountering resistance.
- A sharp selloff followed from 12:00 UTC to 14:00 UTC, as the price dropped from $192.82 to $187.38 on heavy volume exceeding 2.5 million units.
- In the final 60 minutes (14:35–15:34 UTC), SOL rebounded 0.78%, climbing from $187.34 to $188.81.
- During this recovery, price consolidated between $187.15 and $188.94 before breaking above the $188.50 resistance at 15:22 UTC.
- Volume spiked to 39,417 units at 15:32 UTC, indicating institutional accumulation and suggesting potential for further gains.
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