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Upexi’s crypto treasury just got a lot heavier. The Nasdaq-listed company disclosed Thursday that it added nearly 18k more SOL, bringing its total holdings to over 2M tokens — now worth $456M as 
Solana trades near $226.
What’s the Scoop?
- Up Only (For Now): Upexi acquired its SOL at an average cost of $151, giving it an unrealized gain of $142M on the position. The firm’s net asset value (NAV) multiple is now 1.2x, according to an investor update.
- Staking as a Revenue Engine: Upexi claims to earn about $105k per day in staking yield on its holdings, part of its strategy to generate income as a digital asset treasury.
- New Metrics, New Math: The company introduced a metric called “adjusted SOL per share,” which factors in its staking yield, discount on locked token purchases, and capital issuance. That figure currently stands at $4.37, up 126% from April.
- Institutional Moves: Former BitMEX co-founder
Arthur Hayes recently joined as Upexi’s first outside advisor.
Bankless Take:
Upexi’s shares surged tenfold after the company unveiled its SOL crypto treasury strategy in April 2025. Momentum has since faded, and UPXI stock still trades 97% below its 2021 Nasdaq listing peak.
UPEXI TREASURY UPDATE 🔥
— Brian Rudick (@thetinyant) September 11, 2025
AS OF SEPT 10
•SOL: 2,018,419
•NAV: $447m (+34% v Aug 4)
•Gain: $142m
•Adj SPS: $4.37 (+126% all-time)
•Locked: 53%
INITIATIVES
•Advisory Committee
•Stockholder Meeting
•TradFi Conferences
COVERS EVENTS, NEW SPS METRIC👇https://t.co/OTLcoHuE1G
