Upexi Treasury, the Nasdaq-Gente company that positioned itself as an important company holder of Solana Cryptocurrency, announced on Tuesday the establishment of an advisory committee with former Bitmex CEO Arthur Hayes as the first member, with the aim of strengthening strategy and partnerships for the growing $ Sol TRAASURE.
Hayes, who acts as Chief Investment Officer of Maalstrom Fund and co-founder of the Exchange Bitmex Derivatives, argued in 2022 guilty of violating the American banking laws and regulated related civil charges at the Commodity Futures Trading Commission. Despite his legal history and earlier criticism of Solana-Including the name of a “Sam-Cain Piece of Dogshit” and “Dog Shit” in public statements while he admits to buy it for his market application-brown Upexi his expertise in digital assets and institutional financing.
The appointment as Upexi, trade under Ticker $ Upxi, has expanded its Solana position aggressively. From August 4, the company held 2,000,518 Sol -Tokens, an increase of 172% compared to June, with a value of approximately $ 384 million based on the price of around $ 192 per token, according to data from Coinbase and Yahoo Finance. This positions Upexi as the largest business basket aimed at Solana, which processes a maximum of 2,000 transactions per second compared to the 15 of Ethereum, according to the Solana documentation.
The news led to a bullish response in cryptom markets. Solana’s $ sol -token rose by about 7% on Tuesday and reached highlights near $ 192, with analysts monitoring a potential push to $ 200 in the midst of renewed institutional interest and raised derivative trade. The UpExi shares also climbed and closed on Tuesday at $ 6.66 after the trade as high as $ 6.73, which is a reflection of investor optimism despite concerns about potential share dilution through recent stock increases.
Community reactions to X were usually positive, with users comparing the role of Hayes with Bitmine’s appointment of analyst Tom Lee for Ethereum strategies, which further predict $ Sol upside down. The skepticism, however, led to Hayes’ trade record, including a recent relocation where he sold $ 8.3 million in Ethereum at around $ 3,500 to buy $ 10.5 million in the value of more than $ 4,150, and his history of the Fundamentals of Solana, even when he benefited from it.
Upexi officials did not immediately respond to requests for comments on the reactions or the specific contributions of Hayes. Hayes has not publicly commented on the appointment.
The movement underlines Upexi’s ambition to increase Solana’s profile in a competitive blockchain landscape, where it competitions with Ethereum and others for dominance in decentralized finances and NFTs. Werelaars in the industry note that Hayes’ involvement could stimulate the approval of the company’s business crrypto, although it also draws attention to ongoing regulatory risks in the sector.
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