Solana treasury company Upexi taps Arthur Hayes for advisory committee

Institutional interest in Solana is rising, with more public companies making multi-million dollar bets on its long-term potential. Among them, Nasdaq-listed firm Upexi has taken the lead, and is now moving to strengthen its strategy with a new committee.

On August 12,  the publicly traded consumer products company Upexi announced the formation of an advisory committee dedicated to its Solana ( SOL ) treasury bid.

The committee will be responsible for driving the strategy, expanding visibility and unlocking capital for its acquisitions. Upexi named former BitMEX CEO Arthur Hayes as the first member of the committee, who is expected to bring his digital asset and institutional finance expertise to the company. 

Since adopting its SOL-focused reserve strategy, Upexi has maintained an aggressive accumulation pace, becoming the largest corporate holder of SOL. The company holds over 2 million SOL, valued at more than $400 million at current prices.

But Upexi is not the only company betting on Solana, with a number of other firms also tapping the asset as a worthy reserve asset. 

Solana gains ground in corporate treasuries

Two other publicly traded companies, including NYSE-listed crypto mining company BIT Mining and DeFi Development Corp., have also unveiled their various Solana reserves, committing millions to token accumulation.

DeFi Development Corp recently increased its holdings to 999,999 SOL, making it the second largest corporate holder. Bit Mining’s portfolio holds around 27,190 SOL, and the company recently revealed that it will liquidate all existing crypto holdings to go all in on SOL.

The corporate bet on SOL is now translating into price action.

SOL reclaims $200 as it jumps double-digits 

Trading slightly over $201 at press time, Solana has climbed roughly 15.2% over the past 24 hours. The gains bring its uptrend over the past week to 23%, marking a strong recovery since dipping from the $200 mark in July.

The uptick also comes alongside a broader market boost, with several assets, including Bitcoin ( BTC ), Ethereum ( ETH ), and XRP ( XRP ), trending upwards and posting fresh gains. SOL’s market capitalization now stands at $108.5 billion, with daily trading volume surging 130% to $12.8 billion, showing strong investor interest and making it one of the crypto market’s biggest gainers today.

On-chain signals are adding to the bullish sentiment. SOL has broken above all key exponential moving averages and is currently in an upward trend. Crypto.news recently noted the token has formed a golden cross, a setup last seen in October that preceded a 50% rally over the following three months.

Solana’s price chart | Source: TradingView

Solana is now up 38% from its year-to-date low and 14% shy of its $236 all-time high reached in November 2021, with market expectations mounting that it could soon retest the range and potentially push higher as momentum builds.