Upexi shares fall 8% after $109M Q3 loss
Upexi shares fell 8.16% after a $109 million fiscal Q3 net loss, driven by $92.3 million in unrealized losses tied to its Solana holdings; revenue rose 46% to $4.6 million.
Upexi’s stock dropped 8.16% after the company reported a $109 million net loss for its fiscal third quarter, primarily the result of unrealized losses on digital assets linked to its Solana holdings. The company recorded $92.3 million in unrealized losses in the quarter.
Total revenue rose 46% year over year to $4.6 million, led by crypto staking revenue. Upexi said lower token prices and the unrealized digital-asset losses widened the net loss for the period.
As of March 31, Upexi held about 2.5 million Solana tokens valued at more than $238 million, an increase of roughly 9% from the prior quarter. Management highlighted staking as a growing source of revenue even as token-price swings affected the company’s balance sheet.
CEO Allan Marshall described the quarter as “characterized by a challenging environment, most notably a continued decline in both the price of Solana and industry multiples,” and pointed to the broader crypto market downturn as a factor in the results.
Upexi is pursuing capital measures intended to strengthen its finances, including a share buyback program and a convertible note offering to raise additional funds. Management also said the company plans to continue growing its token holdings and staking operations.
The company completed a strategic pivot in late April 2025 from a business focused on consumer products and e-commerce to operating as a Solana treasury company.
By holdings, Upexi is the second-largest corporate Solana treasury behind Forward Industries, which holds more than 7 million Solana tokens. Marshall said he expects Solana to be assessed increasingly on its own fundamentals over time but added that, in the near term, Bitcoin’s price will likely continue to influence Solana valuation.
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