Upexi Forms Advisory Committee with Arthur Hayes to Strengthen Solana Treasury Strategy

Solana treasury company Upexi taps Arthur Hayes for advisory committee

Institutional interest in Solana is growing, with Upexi leading the charge by forming a new advisory committee. The company has appointed former BitMEX CEO, Arthur Hayes, to help drive its Solana treasury strategy. As Upexi aggressively accumulates Solana (SOL), several other companies are also investing in this asset, contributing to recent price gains in the cryptocurrency.

Key Takeaways

Upexi has announced the creation of an advisory committee focused on its Solana treasury bid.
The first member of the committee is Arthur Hayes, who brings substantial expertise in digital assets.
Upexi is currently the largest corporate holder of SOL, with over 2 million tokens valued at around $400 million.
Other companies, including BIT Mining and DeFi Development Corp., are also investing in Solana.
SOL's price has surged recently, experiencing a notable recovery and increased trading volume.

Upexi Establishes Advisory Committee

Institutional interest in Solana is on the rise, as more public companies are making significant investments in its long-term potential. Upexi, a Nasdaq-listed consumer products firm, is leading this trend by forming an advisory committee to enhance its strategy regarding Solana.

On August 12, Upexi announced the establishment of an advisory committee dedicated to supporting its Solana treasury initiative. This committee will focus on driving strategy, enhancing visibility, and unlocking capital for Upexi’s acquisitions. The firm has appointed former BitMEX CEO Arthur Hayes as the committee's first member. Hayes is expected to contribute his knowledge in digital assets and institutional finance to bolster Upexi's efforts.

Upexi tweets about Arthur Hayes' appointment

Since adopting a Solana-focused reserve strategy, Upexi has aggressively accumulated tokens, making it the largest corporate holder of SOL. The company now holds over 2 million SOL, which is valued at more than $400 million at current market prices.

Other Companies Joining the Solana Trend

Upexi is not alone in its investment strategy; several other companies are also betting on Solana as a valuable reserve asset. Two notable publicly traded firms, BIT Mining, listed on the NYSE, and DeFi Development Corp., have also dedicated resources to accumulating SOL.

Recently, DeFi Development Corp increased its holdings to 999,999 SOL, making it the second-largest corporate holder of the token. Meanwhile, BIT Mining holds approximately 27,190 SOL and has announced its plans to liquidate all existing cryptocurrency holdings to focus exclusively on SOL.

Price Action and Market Trends

The corporate investments in SOL are starting to reflect a positive price trend. At the time of writing, Solana is trading just over $201, having increased by about 15.2% in the past 24 hours. This recent surge marks a 23% increase over the week, showing a strong recovery since its dip below the $200 mark in July.

This price uptick is part of a broader market rally, with assets like Bitcoin, Ethereum, and XRP also experiencing upward trends and making fresh gains. Solana’s market capitalization has now reached $108.5 billion, and the daily trading volume has spiked by 130%, hitting $12.8 billion—reflecting strong investor interest and placing it among the biggest gainers in the crypto market today.

Positive On-Chain Signals

On-chain indicators suggest a continued bullish sentiment for Solana. The price has surpassed all key exponential moving averages and is currently trending upwards. Recent reports have noted that the token has formed a "golden cross," a pattern last observed in October, which preceded a massive 50% rally over the subsequent three months.

As it stands, Solana is now 38% higher than its year-to-date low and is only 14% away from its all-time high of $236, achieved in November 2021. Market expectations are mounting that SOL could soon retest this peak and potentially climb even higher as momentum builds.