Upexi reports record quarter, pulling $78M in unrealized SOL gains

Solana treasury firm Upexi reported on Wednesday that it had a record quarter, garnering more than $6 million in digital asset revenue. The firm also reported $8.3 million in gross profit, representing a 183% year-over-year increase.

Upexi’s total revenue for its fiscal first quarter reached $9.2 million, a surge from $4.4 million in the same period a year ago. The Nasdaq-listed firm’s digital asset revenue, driven mainly by staking income, totaled $6.1 million.

Staking drives the most revenue in Upexi

Q1 2026 Earnings:

Digital Asset Revenue was Approximately $6.1 Million

Gross Profit Totaled $8.3 Million, up 183% Year-Over-Year

Net Income Increased to $66.7 Million, Compared to a Net Loss of $1.6 Million, Year-over-Year

For full details, visit: https://t.co/hjL4797rEY

— Allan Marshall (@UpexiAllan) November 11, 2025

The treasury firm also reported $66.7 million ($1.21 per share) in net income, compared to a net loss of $1.6 million ($1.55 per share) in the same quarter a year ago. Upexi said that the surge was driven by its $78 million in unrealized gains on its Solana treasury.

The surge in the company’s quarterly digital asset revenue comes as it closed a $200 million concurrent private placement of common stock and convertible notes during the same period. According to the firm’s announcement, the convertible notes carry a 2% interest rate and are payable quarterly.

Upexi also announced a $500 million equity line agreement with A.G.P. in the same quarter to boost the growth of its Solana treasury strategy. The firm’s CEO, Andrew Marshall, agreed that the equity line provides the firm additional capital and flexibility to raise capital and increase its Solana position.

“Early in 2025, we enhanced our cash management and treasury strategy to include holding the cryptocurrency Solana directly on our balance sheet. Today, substantially all our Solana is generating a meaningful yield, effectively turning our treasury into a productive, revenue-generating asset.”

–Allan Marshall, CEO of Upexi.

At the time of publication, Upexi ranks 4th among Solana treasury companies, with total holdings of 2.18 million SOL, worth more than $315 million. Last week, the treasury firm also reported an 82% increase in adjusted SOL per share.

Upexi recently onboarded Arthur Hayes to join its advisory committee.

Marshall says Upexi has an advantage to win

Marshall said during Wednesday’s earnings call that the firm has an advantage to win. He also revealed that the advisory committee has provided valuable feedback on market presentation and positioning. He added that the firm is underpinned by an end-game winning asset with nearly unlimited upside. 

The company’s CEO stated that Upexi offers additional value mechanisms through staking and discounted locked tokens. Marshall maintained that the firm’s focus remains on Solana, with no immediate plans for ancillary revenue-generating businesses. He also confirmed that internal discussions are ongoing within the firm to minimize yield for investors.

Marshall added that Upexi’s yield is expected to surge since all its assets are staked. The firm’s CFO, Andrew Norstrud, also revealed that the firm has readied a program to optimize validator fees and increase yield, and that more clarity on the matter is expected in the next quarter.

Marshall said Upexi has options, such as converting staking revenue into buybacks, to address situations where it faces a deep market discount. He emphasized that the firm’s focus is on long-term growth and that its strategy remains robust, even in a crypto market pullback. The firm’s CSO, Brian Rudrick, argued that borrowing funds to repurchase shares is a potential strategy without selling SOL.

At the time of publication, Upexi’s stock price is trading at $3.21, down nearly 4.2% for the day. The Solana treasury’s shares have also dropped by more than 12.5% over the last 5 days and approximately 15% year-to-date.

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