Upexi (UPXI) Approves $50M Share Buyback After 50% Stock Slide

Upexi (UPXI), a Nasdaq-listed digital asset treasury company focused on Solana SOL$152.26said Thursday that its board has approved to buy back up to $50 million of its own stock.

The buyback program gives the company flexibility to buy shares on the open market, depending on conditions and liquidity, the firm said in the press release. CEO Allan Marshall emphasized that the company is executing the plan opportunistically and without affecting its ability to invest in growth or maintain a strong treasury.

The movement aligns Upexi with a increasing number of digital asset treasury firms that have turned to share buybacks as their share prices have fallen in recent months amid investor appetite. With market capitalization in some cases now well below the value of the crypto on its balance sheet, the DATs reason that buybacks can prove accretive.

Upexi’s decision comes as the company’s shares have fallen by more than 50% since the beginning of October, and almost 90% since the peak in April. Shares are down 4.4% on Thursday alongside a continued slide in crypto prices. SOL is barely above $150 now down almost 30% in 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