Solana Treasury Upexi Posts Record Quarter Powered by $78 Million in Unrealized SOL Gains

Upexi (NASDAQ: UPXI) — a Solana-led digital asset treasury and consumer brands company — has reported a record-breaking quarter, fueled by massive unrealized gains on its Solana (SOL) holdings and a surging yield from its staking strategy.

The firm posted $9.2 million in total revenue for its fiscal first quarter, more than doubling from $4.4 million in the same period last year. Of that, $6.1 million came directly from digital asset operations, primarily Solana staking income.

“Today, substantially all our Solana is generating meaningful yield,” said CEO Allan Marshall.

“We’ve effectively turned our treasury into a productive, revenue-generating asset.”

Turning Solana Into a Corporate Yield Engine

Upexi’s Solana-first approach has transformed its balance sheet into what Marshall calls a “productive digital treasury.”

The company’s gross profit hit $8.3 million, a 183% increase year-over-year, while net income surged to $66.7 million, or $1.21 per share — compared to a $1.6 million loss in the same quarter a year earlier.

The key driver?

A staggering $78 million in unrealized gains from its Solana treasury strategy.

Earlier this year, Upexi enhanced its treasury operations to hold Solana directly on its balance sheet, staking the majority of its holdings to earn yield.

That strategy has paid off handsomely, even as Solana’s price remains volatile.

Capital Expansion and Treasury Growth

During the same quarter, Upexi completed a $200 million private placement of common stock and convertible notes, along with a $500 million equity line agreement with A.G.P., to further expand its digital asset initiatives.

Last week, the company reported that its Solana holdings surpassed 2.1 million SOL, with an 82% increase in adjusted SOL per share.

According to data from The Block, Upexi now holds the second-largest Solana treasury among publicly traded companies, trailing only DeFi Development Corp.

Building a Solana-Centric Investment Model

Upexi’s pivot to Solana began earlier this year when it became one of the first publicly listed firms to pursue a non-Bitcoin digital asset treasury (DAT) strategy.

Since then, it has positioned itself as a pioneer in corporate Solana exposure — blending DeFi yield mechanics with traditional capital market discipline.

The company’s advisory committee includes crypto heavyweights Arthur Hayes and SOL Big Brain, both known for their early belief in Solana’s long-term potential.

“We’re underpinned by an end-game winning asset with nearly unlimited upside,” Marshall said on the firm’s earnings call.

“Staking and locked-token discounts give us additional value accrual mechanisms that few traditional assets can match.”

Market Reaction

Shares of Upexi (UPXI) rose nearly 6% in after-hours trading, closing at $3.21, though the stock remains down about 15% year to date.

Earlier this year, UPXI suffered a steep 60% single-day drop after a large share unlock, but its recent quarterly results suggest renewed investor confidence in the company’s Solana-centric strategy.

Meanwhile, Solana (SOL) traded around $154.70, down 7% on the day and 18% year-to-date, reflecting broader volatility across digital assets despite strong onchain growth.

Final Thought

Upexi’s performance underscores how corporate crypto treasuries are evolving beyond Bitcoin — leveraging yield, staking, and tokenized assets to generate real income.

In many ways, Upexi is following the playbook of Michael Saylor’s Strategy Inc., but with a distinctly Solana-native twist — faster, cheaper, and built for scalability.

As Marshall put it, this isn’t just about holding tokens.

It’s about turning blockchain assets into engines of profit.

And for Upexi, that engine just went into overdrive.

🧠 If you enjoyed this story, follow for more deep dives into digital asset treasuries, Solana’s ecosystem, and the next wave of blockchain-driven finance.

💬 Do you think Solana’s corporate adoption will rival Bitcoin’s treasury movement in the next cycle?