Shares of Upexi Inc. plunged about 60% on Tuesday after the U.S. Securities and Exchange Commission declared effective a registration statement covering 43.8 million shares issued in a $100 million private placement completed in April. The offering, undertaken to fund the company’s Solana-denominated treasury strategy, enables private-investment-in-public-equity participants to resell their stock on the open market, stoking fears of heavy dilution among existing shareholders. In a separate move highlighting the divergent fortunes of firms pursuing crypto-treasury strategies, fellow Solana-focused company DeFi Development Corp. said it will work with the Kraken exchange to tokenize its equity under the ticker DFDVx. The initiative, billed as the first on-chain listing of a U.S. public company that actively accumulates digital assets, will allow the stock to trade alongside tokenized shares of Apple, Tesla and others. DFDV fell roughly 30% in pre-market trade after filing a Form EFFECT with the SEC.