Upexi Shares Drop After $16.7 Million Cryptocurrency Purchase

By Chris Wack

Upexi shares were 10% lower, at $6.97, after the company said it bought 83,000 solana for $16.7 million, or $201.34 per solana.

The company, which specializes in the development, manufacturing and distribution of consumer products with diversification into cryptocurrency, said the purchase brings its holdings to 1.9 million solana. worth more than $381 million using the $200.60 spot price of solana as of 5 p.m. ET Tuesday.

Upexi said it will continue to buy and hold solana for the "benefit of shareholders."

On Monday, the company said it bought 100,000 solana.

Solana was trading at $196.78 a unit at 12:40 p.m. ET, down 6.7% in the past 24 hours, but up 37% in the past month.

Write to Chris Wack at chris.wack@wsj.com