Solana Power Move: Upexi Enlists Crypto Titan Arthur Hayes as Treasury Advisor
Solana's ecosystem just got a heavyweight boost—Upexi, the blockchain treasury firm, has roped in Arthur Hayes, the outspoken ex-BitMEX CEO, to steer its advisory committee. Because nothing screams 'institutional credibility' like a DeFi rebel who’s danced with regulators.
Hayes—known for his unapologetic crypto maximalism and occasional market-shaking tweets—brings a mix of street cred and contrarian strategy to Upexi’s Solana-focused treasury ops. The move signals Solana’s push to attract big-league capital without bending the knee to Wall Street’s playbook.
Upexi’s betting Hayes’ knack for high-stakes gambits (and surviving them) will help navigate Solana’s volatile liquidity landscape. Because in crypto, 'advisory roles' are just polite code for 'grown-up supervision.'
Cynical aside: Because nothing fixes a treasury like a guy who once settled felony charges with a meme. Progress!
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 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.
