Upexi posts $109M loss on Solana holdings in Q3

Upexi posted a $109M Q3 net loss, mainly from $92.3M in unrealized Solana losses. Despite a 46% revenue rise to $4.6M, shares fell 8%. Upexi now holds 2.5M SOL tokens.

Upexi reported a net loss of approximately $109 million for its fiscal third quarter, largely due to $92.3 million in unrealized losses on its Solana (SOL) holdings as the token's value declined. Despite this, total revenue rose 46% year-over-year to $4.6 million, mainly driven by staking income. However, the company’s stock dropped over 8% after the announcement. During the quarter, Upexi increased its Solana holdings by 189,000 tokens, bringing its total to around 2.5 million SOL, valued at over $238 million as of March 31. This makes Upexi one of the largest corporate holders of Solana. The reported unrealized losses are accounting adjustments, not actual cash outflows. Upexi’s leadership acknowledged the tough market conditions and outlined steps such as share buybacks and convertible note financing to bolster its financial position. The company remains committed to its Solana-focused treasury strategy despite ongoing volatility.