Upexi (UPXI), a Nasdaq-listed digital asset treasury company focused on Solana said Thursday that its board of directors had approved repurchasing up to $50 million of its own shares.
The repurchase program gives the company the flexibility to purchase shares in the open market, depending on conditions and liquidity, the company said in the press release. CEO Allan Marshall emphasized that the company would execute the plan opportunistically and without impacting its ability to invest in growth or maintain strong cash flow.
The move aligns Upexi with a growing number of digital asset treasury companies that are turning to stock buybacks as their share prices have fallen in recent months amid diminishing investor appetite. With market capitalizations in some cases now well below the value of the crypto on their balance sheet, DATs believe buybacks can prove accretive.
Upexi’s move comes as the company’s shares have fallen more than 50% since early October and nearly 90% from their April peak. Stocks are down 4.4% on Thursday alongside a continued decline in crypto prices. SOL is barely above $150, now down almost 30% over the past month and 20% year to date.
The company currently holds 2.1 million SOL, valued at approximately $319 million.
Read more: Crypto Long & Short: The Rise of Digital Asset Treasury Companies
