Upexi’s Solana Treasury Tops $450M

Upexi’s crypto treasury just got a lot heavier. The Nasdaq-listed company disclosed Thursday that it added nearly 18k more SOL, bringing its total holdings to over 2M tokens — now worth $456M as Solana trades near $226.

What’s the Scoop?

• Up Only (For Now): Upexi acquired its SOL at an average cost of $151, giving it an unrealized gain of $142M on the position. The firm’s net asset value (NAV) multiple is now 1.2x, according to an investor update.
• Staking as a Revenue Engine: Upexi claims to earn about $105k per day in staking yield on its holdings, part of its strategy to generate income as a digital asset treasury.
• New Metrics, New Math: The company introduced a metric called “adjusted SOL per share,” which factors in its staking yield, discount on locked token purchases, and capital issuance. That figure currently stands at $4.37, up 126% from April.
• Institutional Moves: Former BitMEX co-founder Arthur Hayes recently joined as Upexi’s first outside advisor.

Bankless Take:

Upexi’s shares surged tenfold after the company unveiled its SOL crypto treasury strategy in April 2025. Momentum has since faded, and UPXI stock still trades 97% below its 2021 Nasdaq listing peak.