Upexi acquires additional 83,000 SOL for $16.7 million

Published 23/07/2025, 13:06
Upexi acquires additional 83,000 SOL for $16.7 million

TAMPA - Upexi, Inc. (NASDAQ:UPXI), a $288 million market cap company currently trading at $7.70 per share, announced Wednesday it has purchased 83,000 Solana (SOL) tokens for $16.7 million, representing an average price of $201.34 per token.

The acquisition increases the company’s cryptocurrency holdings to 1.9 million SOL tokens, valued at approximately $381 million based on Tuesday’s closing price of $200.60, according to a press release statement. This significant crypto position comes as InvestingPro data shows the company maintaining impressive gross profit margins of 54.5% despite reporting negative EBITDA of -$17 million in the last twelve months.

"The U.S. continues to make progress around digital asset legislation, which has the potential to usher in mass adoption of blockchain technology," said Allan Marshall, Chief Executive Officer of Upexi.

Upexi describes itself as a brand owner specializing in the development, manufacturing, and distribution of consumer products that has expanded into cryptocurrency asset management.

The company indicated it plans to continue purchasing and holding Solana tokens as part of its treasury strategy.

The acquisition comes amid growing interest from publicly traded companies in holding digital assets on their balance sheets, though cryptocurrency investments remain subject to significant price volatility and regulatory considerations.

Upexi did not disclose the specific timing of the purchases or whether the company plans to acquire additional cryptocurrency assets beyond Solana.

In other recent news, Upexi, Inc. has made significant financial moves, including the acquisition of an additional 100,000 Solana (SOL) tokens for $17.7 million, bringing its total holdings to 1,818,809 SOL valued at approximately $331 million. This purchase follows the company’s recent closing of a $200 million equity and convertible notes private placement. As part of this financing initiative, Upexi has successfully closed a $150 million convertible note offering, backed by Solana cryptocurrency, with a 2.0% interest rate and a fixed conversion price of $4.25 per share.

Additionally, Upexi completed a $50 million private placement equity offering, selling over 12 million shares of common stock at $4.00 per share. The company’s CEO, Allan Marshall, and Director, Gene Salkind, participated in this offering, purchasing shares at $4.94 per share. These developments indicate Upexi’s strategic financial maneuvers to expand its cryptocurrency holdings and strengthen its capital base.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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