Upexi Surpasses 2 Million SOL in its Treasury

Rhea-AI Summary

Upexi (NASDAQ: UPXI) reported significant growth in its Solana holdings, increasing its treasury by 172% to 2,000,518 SOL (valued at $334 million) as of August 4, 2025. The company successfully raised $200 million through a private placement of common stock and convertible notes.

Key metrics include 0.0339 SOL per common share ($5.68 per share), with approximately 57% of the portfolio in locked SOL purchased at a mid-teens discount. The company is generating around $65,000 daily revenue through staking yields of ~8%. Trading at a Basic mNAV of 0.9x and a Fully-Loaded mNAV of 1.6x, Upexi continues to expand its presence in the cryptocurrency space while maintaining its consumer products business.

Positive

• Treasury holdings increased by 172% to 2,000,518 SOL valued at $334 million
• Successfully raised $200 million through private placement
• Generating approximately $65,000 daily revenue through 8% staking yield
• 57% of portfolio in locked SOL purchased at mid-teens discount, providing built-in gains

Negative

• Significant dilution potential with 35.2 million additional shares if convertible notes are converted
• $40 million outstanding credit line liability
• High exposure to Solana price volatility

Insights

Cryptocurrency Treasury Specialist

Upexi has dramatically increased its Solana holdings to 2M SOL ($334M), positioning itself as a significant crypto treasury play with promising valuation metrics.

Upexi has executed a dramatic transformation of its treasury strategy, increasing Solana holdings by 172% to reach the 2 million SOL milestone, valued at approximately $334 million. This positions the company firmly as a crypto treasury stock with significant exposure to the Solana ecosystem.

The company's $200 million capital raise through private placement of common stock and convertible notes has been strategically deployed to acquire Solana assets, including 57% in locked SOL purchased at a mid-teens discount to spot prices—creating built-in value for shareholders. This discount acquisition strategy is particularly astute as it provides immediate embedded gains.

From a valuation perspective, Upexi currently trades at a Basic modified Net Asset Value (mNAV) of 0.88x, indicating the stock is trading at a 12% discount to its treasury assets alone. However, the Fully-Loaded mNAV of 1.57x suggests the market is pricing in dilution from potential warrant and convertible note conversions.

The company is generating approximately $65,000 in daily revenue through staking rewards (at ~8% yield), translating to roughly $23.7 million in annualized staking revenue. This recurring revenue stream essentially functions as a high-yield treasury operation that meaningfully contributes to operational funding.

With 0.0339 SOL per share (worth $5.68 at current prices) and a stock price of $5.02, Upexi offers a unique value proposition as a publicly-traded vehicle for Solana exposure with professional treasury management. The company's extensive media engagements across financial platforms indicate a strategic effort to increase awareness of its pivot to becoming a Solana treasury vehicle.

TAMPA, Fla., Aug. 05, 2025 (GLOBE NEWSWIRE) -- Upexi, Inc. (NASDAQ: UPXI) (the "Company" or "Upexi"), a brand owner specializing in the development, manufacturing, and distribution of consumer products with diversification into the cryptocurrency space, today released its periodic update.

“July was a game-changing month for Upexi, particularly with respect to accretive capital raises and a resulting drastic increase in our Solana treasury,” stated Allan Marshall, Upexi’s Chief Executive Officer. “During the month, we raised over $200 million and grew our Solana holdings by over 172% to 2 million SOL. And we continued to generate additional value for shareholders via an estimated 8% staking yield and additional purchases of discounted locked Solana.”

Below are a few highlights from July.

Treasury Update as of August 4, 2025

• Treasury: Upexi held 2,000,518 SOL, up 172% from the 735,692 SOL at the end of June 2025.
• Net Asset Value: Using the August 4, 2025 price of $167.26 per SOLⁱ, the 2,000,518 SOL are valued at $334 million.   
• SOL per Share: Using 58.9 million shares issued and outstanding on August 4, 2025, Upexi has approximately 0.0339 SOL per common share, or $5.68 per common share.
• Staking: Substantially all the Company’s SOL are being staked, earning an ~8% yield. The current daily yield is approximately $65,000 a day in revenue.
• Locked SOL: Approximately 57% of the portfolio was locked SOL when purchased at a mid-teens discount to the SOL spot price and providing for built-in gains for shareholders.
• Valuation: Using the closing price of Upexi stock on August 4, 2025, Upexi traded at a Basic mNAV of 0.9x and a Fully-Loaded mNAV of 1.6x, with calculation details in the Appendix below.

Business Initiatives

• $200 Million Raised: Upexi announced a $200 million private placement of common stock and convertible notes, meaningfully increasing SOL holdings and SOL per share.
• Solana Purchases: Upexi made multiple Solana purchases during the month, including 100,000 SOL on July 21 and 83,000 on July 23.

Upexi Events / Multimedia Recap

• Fintech.TV: Market Movers Live Interview
• Nasdaq: TradeTalks Live Panel
• Hivemind Hangout: Panel Event on Public Treasuries
• Absolute Return: Crypto Treasuries Podcast
• Cornell Blockchain Chronicles: Video Blog
  

Solana Monthly Recap

• Network Performance: Solana recorded strong growth and market share numbers across most major metrics, including daily active addresses and network fees, detailed more in the chart below.
• Protocol Development: Solana developers proposed increasing Solana’s block limit to 100m compute units (after increasing it to 60m earlier in the month), Jito proposed a new Block Assembly Marketplace enabling application transaction sequencing, determinism, and privacy assurances, and key Solana players released an Internet Capital Markets roadmap.
• ETF Progress: REX-Osprey’s Solana Staking ETF launched and surpassed $100m in AUM in 12 trading days, and the SEC asked prospective spot SOL ETF issuers to refile amended applications by July 31 setting up potential approval ahead of the October decision deadline.
• Tokenization: Backed Finance’s tokenized equity product xStocks launched across Solana's DeFi ecosystem and major centralized exchanges, crypto exchange Bullish partnered with Solana Foundation to use Solana-native stablecoins for trading and clearing operations, and Japanese digital bank Minna Bank announced it is exploring stablecoins in partnership with Fireblocks and Solana.
• Launchpad Wars: Pump.fun raised $600m in 12 minutes via an ICO in its quest to take on social media giants, LetsBonk overtook pump.fun in launchpad market share, and Jupiter launched its Jupiter Studio to enter the fray.
  
  

Solana Major Metrics, July 2025
	July 2025	YoY Growth		Market Share
Daily Active Addresses, m	4.4	144%		34%
Daily Transactions, $b	3.4	62%		72%
Dex Volumes, $b	75.2	-37%		17%
Fees, $m	41.1	2640%		25%
TVL, $b	8.7	98%		10%
Sources: Artemis. Note: Market share calculated using Ethereum, Avalanche C-Chain, Sui, Solana, Base, Polygon POS, BNB Chain, Tron, and Cardano.

Appendix – Valuation Tables
The calculation of Basic mNAV is as follows:

Current Metrics & Basic mNAV
Market Cap
Total shares currently issued and outstanding	58,893,261
Stock price	$5.02
Market cap	$295,644,170
Treasury Net Asset Value
Total SOL held	2,000,518
SOL price	$167.26
Treasury net asset value	$334,606,641
Basic mNAV	0.88
Sources: Yahoo Finance, CoinMarketCap. Note: Uses UPXI closing price on August 4, 2025.

Fully-Loaded mNAV, which adjusts for certain possible or likely items and can supplement investor analysis, assumes the following: 1) pre-funded warrants are converted into common equity shares, 2) the roughly $150 million convertible notes convert to equity, 3) the outstanding line is repaid, and 4) cash on hand is used to buy Solana. The calculation of Fully-Loaded mNAV is as follows:

Adjusted Metrics & Fully-Loaded mNAV
Market Cap (Adjusted)
Total shares currently issued and outstanding	58,893,261
Pre-funded warrants	0
Shares underlying $150m convertible note if converted	35,292,978
Share count (adjusted)	94,186,239
Stock price	$5.02
Market cap (adjusted)	$472,814,920
Treasury Net Asset Value (Adjusted)
Total SOL held	2,000,518
SOL price	$167.26
Treasury net asset value	$334,606,641
Subtract outstanding line	$40,000,000
Add cash on hand	$7,000,000
Treasury net asset value (adjusted)	$301,606,641
Fully-Loaded mNAV	1.57
Sources: Yahoo Finance, CoinMarketCap. Note: Uses UPXI closing price on August 4, 2025. Assumes cash on hand is used to buy spot SOL.

About Upexi, Inc.
Upexi is a brand owner specializing in the development, manufacturing, and distribution of consumer products. The Company has entered the cryptocurrency industry and cash management of assets through a cryptocurrency portfolio. For more information on Upexi’s treasury strategy and future developments, visit www.upexi.com.

Follow Upexi on X - https://x.com/upexitreasury
Follow CEO, Allan Marshall, on X - https://x.com/upexiallan
Follow CSO, Brian Rudick, on X - https://x.com/thetinyant

Forward Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. For example, the Company is using forward looking statements when it discusses the anticipated use of proceeds. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with business strategy, potential acquisitions, revenue guidance, product development, integration, and synergies of acquiring companies and personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward- looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Company Contact
Brian Rudick, Chief Strategy Officer
Email: brian.rudick@upexi.com
Phone: (216) 347-0473

Media Contact
Gasthalter & Co.
Upexi@gasthalter.com

Investor Relations Contact
KCSA Strategic Communications
Valter Pinto, Managing Director
(212) 896-1254
Upexi@KCSA.com

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ⁱ Price of SOL as of 5:00pm ET quoted on coinmarketcap.com

FAQ

What is Upexi's (UPXI) current Solana treasury value as of August 2025?

As of August 4, 2025, Upexi's treasury held 2,000,518 SOL valued at $334 million, based on a SOL price of $167.26.

How much did Upexi raise in their July 2025 capital raise?

Upexi raised $200 million through a private placement of common stock and convertible notes in July 2025.

What is UPXI's SOL staking yield and daily revenue?

Upexi is earning approximately 8% yield through staking, generating about $65,000 in daily revenue.

How many SOL does Upexi hold per share?

Using 58.9 million shares outstanding, Upexi holds approximately 0.0339 SOL per common share, equivalent to $5.68 per share at current prices.

What percentage of Upexi's Solana portfolio is in locked SOL?

Approximately 57% of Upexi's portfolio consists of locked SOL, purchased at a mid-teens discount to the spot price.

What is Upexi's current mNAV ratio?

As of August 4, 2025, Upexi traded at a Basic mNAV of 0.9x and a Fully-Loaded mNAV of 1.6x.