Upexi Surpasses 2 Million SOL as Solana Treasury Strategy Accelerates
Upexi Inc. (NASDAQ: UPXI), a diversified consumer brand company based in Tampa, Florida, expanded its Solana (SOL) treasury by 172% in July, lifting its total holdings to 2,000,518 SOL.
The company raised $200 million through equity and convertible note issuances to fund the acquisitions. According to CEO Allan Marshall, the move reflects a strategic shift toward building long-term crypto-native value alongside its core consumer product operations.
“July was a game-changing month,” Marshall said in a statement. “We increased our SOL holdings by over 172%, secured an 8% staking yield, and acquired discounted locked tokens — all while generating additional value for shareholders.”
Notably, a significant portion of the newly acquired SOL was purchased as locked tokens at mid-teen discounts to market value. This includes 100,000 SOL bought on July 21 and another 83,000 on July 23, creating built-in gains as the tokens vest over time.
Upexi’s stock closed Monday at $5.02, up 9.1% on the day and 56% for the month. The company currently trades at a basic market net asset value (mNAV) of 0.9x, and a fully loaded mNAV of 1.6x — the latter reflecting potential capital deployment and structural adjustments.
While Upexi continues to operate brands such as LuckyTail, Prax, and Cure Mushrooms, its growing crypto treasury — centered around Solana — has emerged as a core pillar of its corporate strategy.
The company’s update also highlighted strengthening fundamentals across the Solana ecosystem. These included consistent network performance, a proposal to increase block limits, and the launch of Jito’s Block Assembly Marketplace — a development aimed at improving validator revenue and network efficiency.
In parallel, institutional interest in Solana continues to rise. The REX-Osprey Solana Staking ETF has crossed $100 million in assets under management, while the U.S. Securities and Exchange Commission recently requested updated filings from prospective spot SOL ETF issuers.
Upexi also pointed to the growing tokenization trend on Solana, with the launch of Backed Finance’s xStocks — a product that brings traditional equities into the Solana DeFi ecosystem — signaling continued momentum in real-world asset integration.
