Solana treasury Upexi posts record quarter powered by $78 million in unrealized SOL gains

Upexi, the Solana-led digital asset treasury and consumer brands owner, reported a "record" quarter led by over $6 million in digital asset revenue while its gross profit totaled $8.3 million, an 183% year-over-year increase.

The Nasdaq-listed firm (ticker UPXI) reported total revenue of $9.2 million for its fiscal first quarter, compared to $4.4 million in the same period a year ago. Digital asset revenue, which primarily consists of staking income, totaled $6.1 million.

This was the same quarter that the company closed a $200 million concurrent private placement of common stock and convertible notes, as well as a $500 million equity line agreement with A.G.P. to accelerate the growth of its Solana treasury strategy.

Net income totaled $66.7 million, or $1.21 per share, compared to a net loss of $1.6 million, or $1.55 per share, for the quarter ended Sept. 30, 2024. This increase was largely the result of approximately $78 million in unrealized gain on its Solana treasury, according to Wednesday's release.

"Early in 2025, we enhanced our cash management and treasury strategy to include holding the cryptocurrency Solana directly on our balance sheet. Today, substantially all our Solana is generating a meaningful yield, effectively turning our treasury into a productive, revenue-generating asset," said CEO Allan Marshall.

Last week, Upexi brought its total holdings to more than 2.1 million SOL following its latest purchase update. The firm reported an 82% increase in adjusted SOL per share at that time, The Block previously reported . It is the second-largest SOL treasury, following DeFi Development Corp., according to The Block's data dashboard .

The consumer brands firm was one of the first publicly traded firms to pursue a non-bitcoin DAT strategy after raising funds in April. Upexi has also tapped Arthur Hayes and SOL Big Brain to join its advisory committee.