Upexi increased its Solana holdings to 2.5 million, valued at more than $238 million, making it the second-largest listed corporate Solana treasury, behind Forward Industries. Shares in Solana treasury company Upexi fell 8.16% on Tuesday after reporting a widened net loss of $109 million in its fiscal third quarter, driven by a fall in the value of its crypto holdings. The company reported $92.3 million in unrealized losses on digital assets, according to a filing on Tuesday. This was despite total revenue rising 46% to $4.6 million compared with the same period last year, driven by crypto staking revenue. Upexi CEO Allan Marshall said during the earnings call that Upexi faced a challenging environment, along with the rest of the industry, but it has focused on initiatives to improve the company’s fundamentals through share buybacks and a convertible note offering to raise additional capital. Read more
“The product that wins isn’t the one that explains crypto better, it’s the one that hides it completely,” said CEO Jayson Hobby. Decentralized finance mobile “superapp” Legend has announced it is winding down after about two years of operation, adding to a string of crypto apps deciding to shut down this year. Legend was a DeFi aggregator that aimed to bring DeFi to its users rather than forcing them to sign into multiple different wallets or applications to use their crypto. “We believed the right interface could put DeFi’s most powerful primitives in front of mainstream users.” Legend co-founder Jayson Hobby said on Tuesday. Read more
21Shares’ Hyperliquid ETF debuted in the US to a “very solid day” of trading, despite volumes being below comparatively buzzy crypto ETF debuts. Crypto asset manager 21Shares’ first Hyperliquid exchange-traded fund in the US drew $1.2 million in net inflows and saw $1.8 million in trading volume on its Nasdaq debut. “Very very solid day and better than your average ETF launch for sure but nothing too crazy,” Bloomberg analyst James Seyffart said as the ETF finished its first day of trading on Tuesday. Still, the 21Shares Hyperliquid ETF (THYP) debut trading volume was a fraction of the volume compared to earlier buzzy crypto ETFs, such as the Bitwise Solana Staking ETF (BSOL), which attracted $56 million on its opening day in late October, and the Canary XRP ETF (XRPC), which brought in $58 million on its debut in November. Read more