Solana Treasury Firm Upexi Now Holds Over 2 Million SOL

Upexi’s Solana Holdings Surpass 2 Million SOL After Aggressive July Accumulation

Upexi Inc. (NASDAQ: UPXI), a diversified consumer brand company, significantly expanded its Solana (SOL) treasury in July, increasing its holdings by 172% to over 2 million tokens.

The Tampa-based firm, which owns brands like LuckyTail, Prax, and Cure Mushrooms, funded the purchases by raising $200 million through a combination of common stock offerings and convertible notes. According to CEO Allan Marshall, the move was part of a broader effort to generate shareholder value through both yield and discounted token acquisitions.

“July was a game-changing month,” Marshall said in a statement to CoinDesk. “We raised $200 million, increased our SOL holdings by 172%, and continued to deliver value through an 8% staking yield and the purchase of discounted locked Solana.”

Notably, some of the SOL was acquired at mid-teens discounts in the form of locked tokens — including 100,000 SOL on July 21 and 83,000 on July 23 — providing built-in upside as the tokens unlock over time.

As of Monday, Upexi held 2,000,518 SOL. Its stock closed at $5.02 after rising 9.1% on the day, building on a 56% gain in July. On a valuation basis, the company is trading at a basic market net asset value (mNAV) of 0.9x, and a fully loaded mNAV of 1.6x, which accounts for future capital deployment and adjustments to its capital structure.

While Upexi continues to operate in the consumer products space, its crypto treasury — centered on Solana — has become a strategic pillar of the company’s growth.

The update also pointed to broader tailwinds in the Solana ecosystem. These included proposed block size increases, strong network performance, and the rollout of Jito’s Block Assembly Marketplace — all seen as signs of ecosystem maturation.

In the ETF space, the REX-Osprey Solana Staking ETF surpassed $100 million in AUM, while the SEC requested revised applications from potential spot SOL ETF issuers, indicating continued engagement with regulators.

Finally, the launch of tokenized equities on Solana, led by Backed Finance’s xStocks, was cited as a key step toward real-world asset integration within DeFi — reinforcing Upexi’s conviction in the long-term potential of the Solana ecosystem.