Upexi Shares Fall 8% After Wider Q3 Loss Despite Growing Solana Holdings

Shares of Upexi fell more than 8% on Tuesday after the company reported a significantly wider net loss for its fiscal third quarter, largely due to unrealized losses tied to its cryptocurrency holdings.

The company posted a net loss of $109 million, driven mainly by $92.3 million in unrealized digital asset losses, according to its latest financial filing. The decline came as the value of Solana (SOL) dropped during a broader downturn in the crypto market.

Despite the loss, Upexi reported positive growth in revenue. Total revenue increased 46% year-over-year to $4.6 million, supported mainly by income generated through crypto staking activities.

Upexi Expands Solana Treasury Holdings

As of March 31, Upexi held around 2.5 million Solana tokens, valued at more than $238 million, making it the second-largest publicly listed corporate Solana treasury company. Only Forward Industries, with holdings of over 7 million SOL, owns more.

During the quarter, Upexi increased its Solana holdings by approximately 9%, showing continued confidence in the blockchain despite market weakness.

CEO Says Company Taking Proactive Steps

Chief Executive Officer Allan Marshall said the quarter was affected by declining Solana prices and weaker crypto market valuations. However, he said the company is focusing on strengthening its financial position through initiatives such as share buybacks and a convertible note offering to raise additional capital.

Marshall also said Solana may eventually trade independently from Bitcoin as investors better understand the difference between Bitcoin as a store of value and Solana as a blockchain network designed to modernize financial systems.