Public Equities • November 11, 2025, 8:00PM EST

Solana treasury Upexi posts record quarter powered by $78 million in unrealized SOL gains

Quick Take

Upexi reported total revenue of $9.2 million for its most recent quarter, compared to $4.4 million in last year’s quarter.
Upexi’s net income totaled $66.7 million compared to a net loss of $1.6 million for the year-ago period.
Shares of the Nasdaq-listed stock ticked up 6% in after-hours trading.

Upexi, the Solana-led digital asset treasury and consumer brands owner, reported a "record" quarter led by over $6 million in digital asset revenue while its gross profit totaled $8.3 million, an 183% year-over-year increase.

The Nasdaq-listed firm (ticker UPXI) reported total revenue of $9.2 million for its fiscal first quarter, compared to $4.4 million in the same period a year ago. Digital asset revenue, which primarily consists of staking income, totaled $6.1 million.

This was the same quarter that the company closed a $200 million concurrent private placement of common stock and convertible notes, as well as a $500 million equity line agreement with A.G.P. to accelerate the growth of its Solana treasury strategy.

Net income totaled $66.7 million, or $1.21 per share, compared to a net loss of $1.6 million, or $1.55 per share, for the quarter ended Sept. 30, 2024. This increase was largely the result of approximately $78 million in unrealized gain on its Solana treasury, according to Wednesday's release.

"Early in 2025, we enhanced our cash management and treasury strategy to include holding the cryptocurrency Solana directly on our balance sheet. Today, substantially all our Solana is generating a meaningful yield, effectively turning our treasury into a productive, revenue-generating asset," said CEO Allan Marshall.

Last week, Upexi brought its total holdings to more than 2.1 million SOL following its latest purchase update. The firm reported an 82% increase in adjusted SOL per share at that time, The Block previously reported. It is the second-largest SOL treasury, following DeFi Development Corp., according to The Block's data dashboard.

The consumer brands firm was one of the first publicly traded firms to pursue a non-bitcoin DAT strategy after raising funds in April. Upexi has also tapped Arthur Hayes and SOL Big Brain to join its advisory committee.

"We are in an advantaged position to win," Marshall said during Wednesday's earnings call. "We are underpinned by an end-game winning asset with nearly-unlimited upside and offering additional value accrual mechanisms in staking and discounted locked tokens."

The company's CEO and CSO joined The Block's "Big Brain" podcast in June to explain why Upexi is going all-in on Solana, taking yields, and how capital markets dynamics could mirror Strategy’s Bitcoin playbook.

UPXI shares were up about 6% in the after-hours trading session, closing the day at $3.21. The stock remains down about 15% year to date. Earlier this year, UPXI tumbled 60% in a single day after 43 million shares hit the market.

The price of SOL was down more than 7% over the past 24 hours, trading around $154.70 at publication time. Solana's native token is down about 18% year to date.

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