Solana Treasury Company Upexi Surpasses 2M in SOL Holdings
Upexi Inc. (UPXI), a diversified brand owner encompassing LuckyTail, Prax, and Cure Mushrooms, significantly expanded its Solana (SOL) holdings in July. The company more than doubled its SOL holdings to over 2 million tokens, fueled by a $200 million capital raise through common stock and convertible note sales. CEO Allan Marshall described July as “game-changing,” highlighting multiple purchases, including significant acquisitions on July 21st (100,000 SOL) and July 23rd (83,000 SOL).
A substantial portion of the acquired SOL was “locked SOL,” purchased at a mid-teens discount to the market price, creating inherent value for shareholders. As of Monday, Upexi held 2,000,518 SOL, with its shares trading at a basic market net asset value (mNAV) of 0.9x and a fully loaded mNAV of 1.6x. This indicates that the company’s market capitalization slightly exceeds the combined value of its traditional business and crypto treasury, while the fully loaded mNAV suggests a significantly higher intrinsic value if all planned capital adjustments are implemented. Last month, Upexi’s shares surged by 56%, adding another 9.1% on Monday to reach $5.02.
Upexi’s cryptocurrency treasury strategy has become a central focus, complementing its core consumer product business. The company’s announcement also provided an overview of positive developments within the Solana ecosystem. These include robust network performance, proposed block limit increases, and the launch of new protocols such as Jito’s Block Assembly Marketplace.
The report further emphasized the progress in Solana’s ETF landscape, with REX-Osprey’s Solana Staking ETF exceeding $100 million in assets under management (AUM), and the SEC requesting amended applications from potential spot SOL ETF issuers. The expansion of tokenization, exemplified by Backed Finance’s xStocks launching on Solana’s DeFi ecosystem, was also cited as a positive indicator. The strategic SOL acquisitions and the positive Solana ecosystem developments collectively contributed to Upexi’s strong share performance.
