Upexi shares closed down 7.5% on Tuesday after the company filed to raise up to $1 billion to expand Solana’s finances and pursue other opportunities related to the token.
Upexi said in a shelf registration filing with the Securities and Exchange Commission on Tuesday that the financing may cover common stock, preferred stock, bonds, warrants and units that may be issued over the long term.
It said the net proceeds from the offering will be used for general corporate purposes. The company is primarily focused on accumulating as much Solana (SOL) as possible and staking it to earn rewards in additional tokens.
According to CoinGecko data, Upexi holds 2.1 million SOL worth $262.3 million, making it Solana’s fourth-largest treasury company.
Solana government bond purchases slowed significantly in the second half of 2025 on the back of a broader crypto market rebound and declining confidence in the sustainability of crypto government bond strategies.
Upexi (UPXI) shares fell 7.54% to close at $1.84 on Tuesday, before settling a bit after the bell, rising 4.34% to $1.92.
Upekshi rebounded slightly in late after-hours trading on Tuesday, reversing the day’s losses. sauce: Google Finance
Upexi’s business focused on consumer products and e-commerce until it pivoted to Solana’s finance company in late April.
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However, the company has not purchased Solana since July 23, and the value of SOL’s stash has fallen from a peak of about $525 million in mid-September to $262.3 million at current prices.
Timeline of Upexi’s SOL purchases since the first purchase in late April. sauce: I woke up
The company currently has a paper loss of 19% on Solana Treasury.
According to CoinGecko data, Solana is trading at $123.75, down 57.5% from its all-time high of $293.31 on January 19, 2025.
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