Solana Treasury Company Upexi Surpasses 2M in SOL Holdings

Upexi Inc. (UPXI), a diversified brand owner, said its holdings of Solana's sol SOL$131.58 more than doubled in July, taking the total to more than 2 million tokens.

The Tampa, Florida-based company, whose brands include LuckyTail, Prax and Cure Mushrooms, said it funded the purchases raising more capital through the sale of common stock and convertible notes.

“During the month, we raised $200 million and grew our Solana holdings by over 172% to 2 million SOL," CEO Allan Marshall said in a statement shared with CoinDesk. "And we continued to generate additional value for shareholders via an 8% staking yield and additional purchases of discounted locked Solana."

July, he said, was a "game-changing" month, during which the company made multiple purchases, including 100,000 SOL on July 21 and 83,000 SOL on July 23.

Notably, a significant portion of the SOL acquired was purchased as "locked SOL" at a mid-teens discount to the going market rate, generating built-in gains for shareholders.

As of Monday, Upexi held 2,000,518 SOL, with its shares trading at a basic market net asset value (mNAV) of 0.9x and a fully loaded mNAV of 1.6x. The shares rose 56% last month, and added 9.1% on Monday to $5.02.

The basic mNAV means that Upexi's market capitalization is slightly higher than the combined value of its traditional business and its crypto treasury. The fully loaded version means that if all potential capital-structure changes and cash deployments occur, the company's intrinsic value — its equivalent to a net asset value on a fully adjusted basis — would be 1.6 times its market cap.

While Upexi continues to specialize in consumer products, space, its cryptocurrency treasury strategy is now a core focus.

Beyond the treasury update, the press release also looked into broader developments within the Solana ecosystem, including strong network performance, proposed block limit increases, and the launch of new protocols like Jito's Block Assembly Marketplace.

The report also noted significant progress in Solana's ETF landscape, with REX-Osprey's Solana Staking ETF surpassing $100 million in assets under management (AUM), and the U.S. Securities and Exchange Commission requesting amended applications from prospective spot SOL ETF issuers.

The growing trend of tokenization, with Backed Finance's xStocks launching on Solana's DeFi ecosystem, was also highlighted as a positive tailwind.