Upexi posted a fiscal Q3 net loss of $109 million, including about $92.3 million in unrealized digital asset losses, and its shares fell more than 8% after citing Solana price declines while revenue rose 46% YoY to $4.6 million driven by staking income. As of March 31 the company held roughly 2.5 million SOL valued at over $238 million, has pivoted to a Solana-focused treasury strategy since April 2025 and is pursuing share buybacks and a convertible note offering, but continued SOL weakness and valuation pressure pose near-term market and security risks for token exposure.

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Despite the losses, revenue increased 46% year-over-year to $4.6 million due to staking income. The company currently holds around 2.5 million Solana tokens worth over $238 million, making it one of the largest corporate Solana holders.

Upexi Shares Drop After Weak Quarter

Shares of crypto-focused treasury company Upexi declined more than 8% on Tuesday after the firm revealed a much wider net loss of $109 million for its fiscal third quarter. The losses were primarily tied to the declining value of its cryptocurrency holdings, particularly its large exposure to Solana.

Upexi share price over the past 24 hours (Source: Google Finance)

According to the company’s latest filing, Upexi recorded approximately $92.3 million in unrealized losses related to its digital assets. Unrealized losses occur when the value of assets held by a company falls below the purchase price, even if those assets have not yet been sold. Despite the heavy losses, the company still managed to grow total revenue by 46% year-over-year to $4.6 million, largely driven by staking rewards generated from its crypto holdings.

During the company’s earnings call, Upexi CEO Allan Marshall acknowledged the difficult environment facing the company and the crypto industry. He pointed to the continued decline in the price of Solana and shrinking valuation multiples across the market as major factors that negatively affected the company’s financial performance and stock price.

SOL’s price action over the past 6 months (Source: CoinCodex)

Marshall explained that the company is trying to strengthen its position rather than simply waiting for market conditions to improve. Upexi has been pursuing several initiatives, including share buybacks and a convertible note offering to raise more capital. The company believes these measures will help improve its long-term fundamentals while it builds its Solana-focused treasury strategy.

As of March 31, Upexi held approximately 2.5 million Solana tokens valued at more than $238 million, making it the third-largest corporate holder of Solana behind Forward Industries. Upexi’s shift toward becoming a Solana treasury company began in April of 2025 after previously operating primarily in the consumer products and e-commerce sectors.

Marshall also believes Solana will eventually be valued independently from Bitcoin as investors gain a deeper understanding of the differences between the two networks. He described Bitcoin as a store of value similar to digital gold, while portraying Solana as a technology platform capable of modernizing financial infrastructure. However, he admitted that Bitcoin’s price movements still heavily influence Solana in the near term.

Read the article at Coinpaper