Nasdaq-listed consumer products company Upexi has acquired an additional 100,000 Solana (SOL) tokens, expanding its cryptocurrency treasury to a record 1.8 million SOL valued at $331 million. The purchase, executed on July 17, 2025, cost approximately $17.7 million at an average price of $176.77 per SOL.
This acquisition represents a 147% increase from Upexi's holdings of 735,700 SOL as of June 30, with 56% of the total acquired in locked form at discounted rates. The company has realized $58 million in unrealized gains as Solana's price surged above $190 amid broader altcoin momentum, partially fueled by regulatory developments like the recent GENIUS Act signing.
CEO Allan Marshall emphasized Upexi's pioneering role as the first public company to raise large-scale equity for an altcoin treasury strategy, noting: "With multiple value accrual mechanisms – from intelligent capital issuance to staking and discounted locked SOL purchases – we are confident we can continue creating significant shareholder value." The company projects $26 million in annual staking revenue from its holdings.
Upexi's strategy has inspired similar corporate treasury moves by SOL Strategies and DeFi Development Corporation, which increased its SOL holdings by 141,383 tokens in July. The Tampa-based firm raised $100 million in April specifically for its Solana treasury strategy, spending $273 million total on its current holdings.