Key Notes
- Zero-fee equity arrangement provides flexible capital access while maintaining discretionary timing for stock sales.
- Company holds leading position among Solana treasury firms with 8% staking yield generating $26M annually.
- Share dilution concerns emerge as transformation from consumer products to cryptocurrency treasury strategy continues.
Nasdaq-listed Upexi Inc. announced Monday, July 28, that it has entered into an equity line agreement with A.G.P./Alliance Global Partners, providing additional capital to expand its Solana
SOL
$183.3
24h volatility:
2.8%
Market cap:
$98.62 B
Vol. 24h:
$11.80 B
treasury holdings through strategic stock sales of up to $500 million.
According the press relese, the arrangement allows Upexi to issue shares at its sole discretion, subject to certain restrictions and closing conditions, with proceeds destined for general corporate purposes and furthering the company’s Solana treasury strategy. A.G.P./Alliance Global Partners will serve as the sole sales agent for the equity line.
“The equity line gives Upexi additional means and flexibility to raise capital and increase its Solana position,” CEO Allan Marshall stated. “The equity line was negotiated with zero fees and particularly friendly terms, and represents an attractive cost of capital. Upexi now has a multitude of tools to raise capital in the most cost-effective and accretive manner to build on its growing Solana treasury.”
Aggressive SOL Accumulation Strategy Yields $26 Million Annually
The equity line announcement comes as Upexi continues aggressively building its SOL holdings. The company currently holds approximately 1.9 million SOL tokens valued at over $346 million, according to its website.
The firm stakes substantially all its SOL holdings, generating approximately 8% yield and anticipating up to $26 million in annual staking revenue based on current holdings and token price.
The company began its Solana treasury strategy in April 2025 with an initial $100 million private placement led by GSR, followed by additional capital raises including a $200 million financing round in July combining equity and convertible notes.
Currently, Upexi leads the SOL treasury space, followed by DeFi Development Corp with 999,999 SOL and Mercury Fintech Holding with an undisclosed amount. The anticipated approval of a Solana ETF is influencing these trends, along with emerging crypto-friendly regulations in the United States.
As of July 28, Upexi reported a market cap of $316 million with a share price of $5.88, according to Yahoo Finance. At the time of writing, Upexi shares are down 3.8%. The company introduced a “Basic mNAV” metric, measuring its market cap against SOL holdings value, which stood at 1.7x. Under adjusted assumptions including converted notes and additional purchases, the “Fully-Loaded mNAV” reaches 2.1x.
SOL traded at $184.25 on Monday, down 2% in 24 hours, though the token has demonstrated significant strength over extended periods, supporting Upexi’s thesis regarding Solana’s technological advantages and ecosystem growth.
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José Rafael Peña Gholam is a cryptocurrency journalist and editor with 9 years of experience in the industry. He wrote at top outlets like CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain, and Web3, he creates news, analysis, and educational content for global audiences in both Spanish and English.
