Upexi (UPXI), a Nasdaq-listed digital asset treasury company focused on Solana It said Thursday that its board of directors approved buying back up to $50 million of its own shares.
The buyback program gives the company flexibility to purchase shares in the open market, depending on conditions and liquidity, the firm said in the press release. Chief Executive Allan Marshall emphasized that the company would execute the plan opportunistically and without affecting its ability to invest in growth or maintain a strong treasury.
The move aligns Upexi with a growing number of digital asset treasury companies turning to share buybacks as their share prices have fallen in recent months amid waning investor appetite. Given that in some cases market capitalizations are now well below the value of the cryptocurrency on their balance sheet, DATs reason that buybacks may prove cumulative.
Upexi’s decision comes as the company’s shares have fallen more than 50% since early October and nearly 90% since April’s high. Shares fell 4.4% on Thursday along with a continued decline in cryptocurrency prices. SOL is barely above $150 and is now down almost 30% over the last month and 20% so far this year.
The company currently holds 2.1 million SOL, valued at approximately $319 million.
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