Recently, I've been researching the stock market and delving into SBET and UXPI, which are the treasury stocks of ETH and SOL, respectively. Behind them are our old friends, who have switched battlefields. What new tricks are these old pros playing now? I suddenly feel that the US stock market is quite friendly to retail investors; who is the big player, what is the cost price, how many shares are there, and sometimes even the target price is crystal clear. Of course, it seems these people also don't lock up... There is still about a 45-day buffer for declarations.

Unlike SBET, UPXI is a SOL treasury stock. As of 6/30, there are 38.2 million outstanding shares, holding 735,692 SOL. Based on the price at that time, this translates to $2.97 per share. (The end of June was an excellent time to build a position, with no premium at all.) One key difference from SBET is that their CEO, Allan Marshall, plays a crucial role in this deal. He invested in a 2MW mining farm during a critical time last year, and I believe he has been instrumental in the shift towards a stock strategy, as evidenced by his shareholding (just by signing a new contract for the year, he received 500,000 warrants at $4).

The placement agent is still our old friend Alliance Global; this time the asset management is GSR, which is also the main player in this deal, having made significant investments in both rounds of financing and sending employees to serve as the company's CSR; and the leading capital in the crypto space is still Galaxy Digital. *As a side note, Alliance Global Partner can be traded in the OTC market; Galaxy Digital is listed on NASDAQ, which is worth paying attention to.

The second sale at 7/11 involved selling common stock of 12,457,186 shares at $4, primarily targeting the CEO and Peter Jan Christopher, as well as the Attester Value Master Fund. The third sale on 7/16 involved issuing $150M in convertible bonds, roughly equivalent to 35M shares at $4.35. Some investors from the first round are increasing their stakes, and the CEO seems to be among them (it's really late, and I can't hold on any longer; everyone can dig into this themselves, I don't think it's too important). The unlocking can still be done at will. Note that this round is a stock-for-coin exchange.

Let's do a rough calculation. According to GPT (yes, my little brother Grok is offline for unknown reasons), as of today, I hold approximately 1.65M SOL (not counting the sale on 7/11, as it's unclear whether the funds have purchased SOL). 1.65M * $180 (coin price) / (35M + about 40M) = $3.92 (my own coin stock book value calculation). As for the next steps, I leave it to everyone to judge. Disclaimer: this is not investment advice. Disclosure: I hold UPXI and SBET.