Shares of Upexi fell 7.5% on Tuesday after the company filed a shelf registration to raise up to $1 billion, aimed at expanding its Solana treasury and pursuing other token-related opportunities.
In its filing with the U.S. Securities and Exchange Commission, Upexi said the offering could include common and preferred stock, debt securities, warrants, and units issued over time. The company noted that net proceeds would be used for general corporate purposes.
Upexi’s core strategy centers on accumulating Solana and staking the tokens to earn additional rewards. The company currently holds 2.1 million SOL valued at approximately $262.3 million, making it the fourth-largest corporate Solana treasury, according to CoinGecko.
Corporate purchases of Solana have slowed markedly in the second half of 2025 amid a broader crypto market pullback and growing skepticism over the long-term sustainability of crypto treasury strategies.
Upexi shares (UPXI) closed down 7.54% at $1.84, before recovering slightly in after-hours trading to $1.92, up 4.34%.
Upexi was previously focused on consumer products and e-commerce before pivoting to a Solana treasury strategy in late April. However, the company has not made a Solana purchase since July 23, and the value of its SOL holdings has fallen sharply—from a peak of about $525 million in mid-September to roughly $262.3 million at current prices.
The company is currently sitting on a paper loss of about 19% on its Solana treasury. Solana is trading at $123.75, down 57.5% from its all-time high of $293.31 reached on Jan. 19, 2025, according to CoinGecko data.
