Upexi Crosses 2M SOL Milestone, Strengthening Position as Solana Treasury Company

Upexi Crosses 2 Million SOL as July Becomes a Breakout Month for Treasury Strategy

Upexi Inc. (NASDAQ: UPXI), a Tampa-based consumer brand operator, has expanded its Solana (SOL) holdings by 172% in July, pushing its total balance to over 2 million SOL tokens.

The company raised $200 million through common stock and convertible notes to fund the purchases, according to CEO Allan Marshall, who called July a “game-changing month” for Upexi’s crypto strategy. Key acquisitions included 100,000 SOL on July 21 and 83,000 SOL on July 23.

A large share of the tokens were acquired as locked SOL at mid-teens discounts to the market price, providing immediate embedded gains. In addition, the company is earning an 8% yield through staking.

“Our focus remains on long-term value creation,” Marshall said. “We’re leveraging discounted locked assets, yield generation, and efficient capital deployment to strengthen shareholder returns.”

As of Monday, Upexi held 2,000,518 SOL. The company’s stock rose 9.1% to $5.02, following a 56% rally in July. Upexi currently trades at a basic market net asset value (mNAV) of 0.9x, and a fully adjusted mNAV of 1.6x — the latter accounting for capital structure optimization and crypto asset growth.

While Upexi’s roots are in the consumer goods sector, its Solana-focused treasury strategy has become a central pillar of its corporate roadmap.

The company’s update also pointed to broader momentum within the Solana ecosystem — including strong network uptime, proposed block size increases, and the rollout of Jito’s Block Assembly Marketplace.

On the institutional side, the REX-Osprey Solana Staking ETF surpassed $100 million in AUM, and the SEC requested updated filings from spot SOL ETF hopefuls, signaling continued regulatory progress.

Upexi also noted the rise of real-world asset tokenization on Solana, with Backed Finance’s launch of xStocks cited as a key milestone in bridging traditional finance with decentralized platforms — a trend the company believes strengthens the long-term investment case for Solana.