Upexi Solana treasury swells as consumer business posts steep loss

Upexi reported a net loss of $13.7 million for fiscal 2025, a number now rendered almost incidental by the staggering $128 million paper profit generated from its cryptocurrency holdings.

In an announcement shared with crypto.news on Sept. 2, Upexi, Inc. said its strategic accumulation of Solana (SOL) has dramatically reshaped its financial standing. The company disclosed it now holds over 2 million SOL, a 174% increase since its fiscal year ended June 30, driving an unrealized gain of $128 million.

This paper profit stands in stark contrast to the $13.7 million net loss from its traditional consumer-goods division, which includes product development and manufacturing.

“Since year-end, we have been pleased with the treasury’s tremendous growth, underscoring the strength of the asset we’re built upon and our ability to execute on a winning strategy,” Upexi CEO Allan Marshall said. “We are extremely proud to be building the leading Solana treasury company, and we remain laser-focused on creating value for shareholders.”

Solana treasury reshapes Upexi’s balance sheet

Upexi’s average acquisition cost for its SOL holdings sits at $151.44 per token, representing a total investment of $306 million. With SOL valued at $214.76 at the time of the update, the treasury’s net asset value has ballooned to $433 million.

This marks a 281% increase from the $114 million NAV reported just months prior on June 30, illustrating the velocity of the portfolio’s appreciation. On a per-share basis, the Solana stake has grown to 0.0197 tokens, or $4.23 in value, marking an increase of 45% and 101%, respectively, since June.

Notably, Upexi’s strategy goes beyond passive ownership. By staking substantially all of its SOL, the Tampa-based company is generating an estimated 8% yield, which currently translates to approximately $100,000 in daily staking revenue, creating a compounding effect on its holdings.

For the fiscal year ended June 30, Upexi generated $15.8 million in revenue with a gross profit of $10.7 million, reflecting a strong 67% margin but not enough to prevent the $13.7 million net loss. As of Sept. 10, the company had nearly 59 million shares outstanding, underscoring the scale of its exposure per investor.

Following the filing, shares of Upexi (UPXI) slid 8.96% to $5.61, according to Yahoo Finance. The stock had closed at $6.16 the previous day before opening Thursday’s session at $5.70, underscoring investor unease despite the company’s surging Solana treasury.