TLDR
- Upexi reported a record fiscal first quarter with total revenue of $9.2 million, up from $4.4 million in the same period last year.
- Digital asset revenue, primarily from Solana staking, totaled $6.1 million, contributing significantly to the firm’s growth.
- The company posted a net income of $66.7 million, driven largely by $78 million in unrealized gains on its Solana holdings.
- Upexi’s Solana treasury strategy has positioned it as a leading player in the digital asset space, generating meaningful yields.
- The firm raised $200 million through a private placement and secured a $500 million equity line agreement to accelerate its growth.
Upexi, a Nasdaq-listed company, reported strong results for its fiscal first quarter. The firm posted $9.2 million in total revenue, up from $4.4 million a year ago. This growth was driven by a $6.1 million increase in digital asset revenue, which primarily came from staking Solana (SOL).
Upexi Holds Over 2.1 Million SOL Tokens
Upexi’s digital asset revenue surged to $6.1 million in the quarter, a key factor in its performance. The company’s gross profit reached $8.3 million, marking an 183% increase from the same period in 2024. A large portion of this growth stemmed from the firm’s Solana treasury strategy.
The firm’s investment in Solana’s ecosystem has proven fruitful, with Upexi holding over 2.1 million SOL tokens. CEO Allan Marshall emphasized the company’s strategy, stating, “Today, substantially all our Solana is generating a meaningful yield.” The firm plans to continue holding Solana directly on its balance sheet, reinforcing its revenue-generating strategy.
$66.7 Million Net Income Boosted by Unrealized Gains
Upexi posted net income of $66.7 million for the quarter, or $1.21 per share. This marks a significant turnaround from the previous year’s loss of $1.6 million. The positive swing is largely attributed to $78 million in unrealized gains on its Solana holdings.
The company’s strong performance is tied to its strategic shift towards holding and staking Solana. By doing so, Upexi has positioned itself as a leader in digital asset treasury management. The company’s Solana treasury strategy has been a core part of its growth, with its treasury now acting as a productive asset.
In the same quarter, Upexi closed a $200 million private placement. This deal included common stock and convertible notes, providing capital for further expansion. Upexi also entered into a $500 million equity line agreement with A.G.P. to accelerate its growth.
The capital raised will support Upexi’s ongoing investments in Solana and other digital assets. The firm aims to expand its treasury strategy, potentially increasing its holdings in Solana further. With the recent increase in its adjusted SOL per share, Upexi continues to grow its position in the Solana market.
Stock Performance and Market Position
Upexi’s stock saw a 6% increase in after-hours trading, closing at $3.21. Despite this positive movement, Upexi’s shares are down approximately 15% year to date. Earlier in 2025, the company experienced a 60% drop in stock price due to market fluctuations.
Upexi continues to be one of the most aggressive players in the Solana space. With its growing Solana treasury and strategic investments, the company is well-positioned for future growth.
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