Upexi (UPXI), a Nasdaq-listed digital asset finance company focused on Solana said Thursday that the board has approved repurchasing 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 company states in the press release. CEO Allan Marshall stressed that the company would execute the plan opportunistically and without affecting its ability to invest in growth or maintain a strong treasury.
The move brings Upexi in line with a growing number of digital asset bettors turning to share buybacks as their share prices fell in recent months amid waning investor appetite. With market values in some cases now well below the crypto value on their balance sheets, DATs reason buybacks could prove to be on the rise.
Upexi’s decision comes as the company’s stock fell more than 50% since early October and nearly 90% from its April peak. Shares fell 4.4% on Thursday along with a continued decline in crypto prices. SOL is barely hanging above $150 now lower by nearly 30% over the past month and 20% year-to-date.
The company currently has 2.1 million SOL, worth about $319 million.
Read more: Crypto Long & Short: The Rise of Digital Asset Treasury Companies
