Upexi Surpasses 2 Million SOL in Holdings After Strategic July Accumulation
Upexi Inc. (NASDAQ: UPXI), a Tampa-based diversified consumer brand operator, expanded its Solana (SOL) treasury by 172% in July, bringing total holdings to 2,000,518 SOL.
The company funded its acquisitions by raising $200 million through a mix of common stock and convertible note offerings. CEO Allan Marshall described July as a “game-changing” month, citing both aggressive purchases and yield generation.
“We grew our SOL position by over 172%, secured 8% staking yields, and acquired locked Solana at meaningful discounts — all while increasing long-term value for shareholders,” Marshall said in a statement shared with CoinDesk.
Among the largest buys were 100,000 SOL on July 21 and 83,000 SOL on July 23. A significant portion of the tokens were locked, purchased at mid-teens discounts relative to market prices — providing immediate unrealized gains as they vest.
Upexi’s shares rose 9.1% on Monday to $5.02, capping a 56% monthly rally in July. The stock currently trades at a basic market net asset value (mNAV) of 0.9x and a fully loaded mNAV of 1.6x — reflecting the company’s capital structure and potential asset deployment scenarios.
While Upexi remains rooted in the consumer product space with brands like LuckyTail, Prax, and Cure Mushrooms, its crypto treasury strategy — focused on Solana — has emerged as a core component of its corporate identity.
The company’s update also noted accelerating momentum across the Solana ecosystem, including network upgrades, block size proposals, and the launch of Jito’s Block Assembly Marketplace.
In parallel, institutional interest in Solana continues to grow. The REX-Osprey Solana Staking ETF crossed $100 million in AUM, and the U.S. SEC has requested revised applications from prospective spot SOL ETF issuers — signaling deeper regulatory dialogue.
Upexi also highlighted the rise of tokenized assets on Solana, pointing to Backed Finance’s launch of xStocks as a major step toward integrating traditional equity products into DeFi infrastructure — a trend the company views as long-term validation of its Solana strategy.
