Solana treasury firm Upexi's holdings climb 4.4% to over 2.1 million SOL

Nasdaq-listed Solana treasury firm Upexi (ticker: UPXI) reported a 4.4% increase in its Solana holdings to 2,106,989 SOL as of Oct. 31 — up 88,750 SOL since its prior update on Sept. 10.

Based on Solana's month-end price of $188.56, the company's treasury was valued at $397 million. Bought for a total cost of $325 million, or $157.66 per SOL, that represents an unrealized gain of $72 million, which includes price appreciation, staking rewards, and a discount on locked SOL.

However, following the broad crypto market slide on Monday, the price of SOL has subsequently fallen 15% to around $160.94, according to The Block's Solana price page , meaning the funds are currently valued at around $340 million, cutting that paper gain to approximately $15 million.

It also comes at a time when the value of many digital asset treasury firms' shares are down significantly from their spring and summer peaks, with Upexi itself dropping 75% , for example. The companies' market cap-to-net asset value ratios have subsequently sharply contracted, with Upexi's mNAV currently sitting at around 0.7.

"Upexi remains positioned to grow despite reduced treasury company sentiment," Upexi CEO Allan Marshall said in a statement shared with The Block. "Whether via a large unrealized gain, a substantial increase in adjusted SOL per share, or the strong performance of our stock since embarking on our Solana treasury strategy, we remain committed to creating long-term incremental value for shareholders."

Outpacing Solana

The company also reported an adjusted SOL per share of 0.0187 ($3.52) — up 47% in SOL terms and 82% in dollar terms since launching its treasury initiative in April with a $100 million private placement led by GSR. It noted that investors who bought shares at $2.28 have seen a 96% return — outpacing Solana's 24% gain over the same period. Upexi shares closed down 14.1% on Monday at $3.84, per TradingView.

Nearly all of Upexi's SOL is staked, earning an estimated 7% to 8% yield and generating roughly $75,000 in daily revenue, the firm said. Around 42% of its holdings consist of locked SOL acquired at a "mid-teens discount" to spot price, contributing to what Upexi described as "built-in gains for shareholders."

"We continue to hold a peer-leading multiple with solid trading volumes and intend to monetize this for our shareholders," said Upexi Chief Strategy Officer Brian Rudick, who joined the firm in May from GSR, where he led research and strategic investments, including GSR's Upexi allocation.