# Upexi’s Solana Treasury Tops $450M

*Author: Bankless*
*Published: Sep 11, 2025*
*Source: https://www.bankless.com/read/upexis-solana-treasury-tops-450m*

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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 🔥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 ConferencesCOVERS EVENTS, NEW SPS METRIC👇[https://t.co/OTLcoHuE1G](https://t.co/OTLcoHuE1G)— Brian Rudick (@thetinyant) [September 11, 2025](https://twitter.com/thetinyant/status/1966120795090149868?ref_src=twsrc%5Etfw)
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