Shares of Upexi Inc. (NASDAQ:UPXI) jumped 14.3% after the company revealed it had expanded its position in Solana, acquiring an additional 100,000 SOL tokens. This latest purchase brings Upexi’s total Solana holdings to 1,818,809 SOL, valued at roughly $331 million.
The newly acquired tokens, bought for $17.7 million, follow last week’s closing of a $200 million private placement of equity and convertible notes. Upexi’s Solana position has grown by 147% from the 735,692 SOL it held at the end of June. According to the company, over half of the total SOL acquired were purchased in locked form at a discounted rate.
Upexi disclosed that it has spent $273 million in total to amass its 1.8 million SOL tokens, which are now worth $331 million — translating into an unrealized gain of about $58 million. Nearly all of Upexi’s SOL holdings are currently staked, earning a yield of approximately 8%. At current token prices and yield, the company estimates it could generate up to $26 million in annual staking income.
“Upexi was the first public company to raise a large-scale equity private placement for an altcoin digital asset treasury,” said Allan Marshall, Chief Executive Officer of Upexi. “In just three months, we have successfully closed two additional accretive capital raises, including a highly innovative in-kind convertible note, and grew the treasury to 1.8 million SOL or $331 million.”
As of July 18, Upexi had a market capitalization of $402 million with 53.8 million shares outstanding — a figure that is approximately 1.2 times the value of its Solana holdings. The company uses this ratio to define its “Basic mNAV.”
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