Nasdaq-Listed Upexi Grows Solana Holdings but Market Pullback Cuts Profit
Nasdaq-listed Solana treasury firm Upexi (NASDAQ: UPXI) has grown its Solana (SOL) holdings by 4.4% to 2,106,989 SOL as of Oct. 31, an increase of 88,750 SOL since its previous update on Sept. 10.
The company’s treasury, valued at $397 million based on Solana’s month-end price of $188.56, represents an unrealized gain of roughly $72 million from its total cost of $325 million, or $157.66 per SOL.
Market Slide Erodes Paper Gains
Following a sharp decline across the crypto market on Monday, Solana’s price fell about 6% to $164.12, reducing the value of the company’s holdings to around $340 million. This decline trimmed the company’s unrealized gain to approximately $15 million as well.
SOL price (Source: CoinMarketCap)
Upexi’s performance mirrors broader challenges faced by digital asset treasury firms, whose shares have fallen significantly from earlier highs. Upexi’s own stock has dropped 75% from its peak, pushing its market cap-to-net asset value (mNAV) ratio to around 0.7.
Upexi’s share performance over the past 6 months (Source: Google Finance)
“Upexi remains positioned to grow despite reduced treasury company sentiment,” said CEO Allan Marshall.
“Whether via a large unrealized gain, a substantial increase in adjusted SOL per share, or the strong performance of our stock since embarking on our Solana treasury strategy, we remain committed to creating long-term incremental value for shareholders.”
Strong Growth in Solana Metrics
The company also reported an adjusted SOL per share of 0.0187 ($3.52), marking a 47% rise in SOL terms and an 82% increase in dollar terms since launching its treasury strategy in April through a $100 million private placement led by GSR.
The firm said investors who bought Upexi shares at $2.28 have realized a 96% return—well above Solana’s 24% gain over the same period. Despite this, Upexi shares fell 14.1% on Monday to close at $3.84.
Staking Rewards Drive Additional Revenue
Nearly all of the company’s Solana holdings are staked, generating a 7%–8% annual yield and approximately $75,000 in daily revenue. The company disclosed that 42% of its holdings consist of locked SOL purchased at a “mid-teens discount” to market prices, providing what it calls “built-in gains for shareholders.”
Chief Strategy Officer Brian Rudick, who joined the company in May from GSR, added that Upexi continues to hold “a peer-leading multiple with solid trading volumes” and plans to “monetize this for shareholders.”
