Upexi has sought the U.S. SEC’s green light to issue $1 billion worth of shares, preferred stock, and other units to raise capital to scale the Solana [SOL] digital asset treasury (DAT).
The e-commerce developer began its SOL DAT strategy in January and has aggressively increased its stash to 2.03 million SOL tokens, worth $254 million at current prices. The bulk of the holdings were added during H2 2025.
However, Solana’s price correction in late 2025 devalued its holdings from over $500 million to $254 million.
As such, the latest move would signal conviction and plans to grab the current discounted window to increase its SOL exposure.
SOL DAT demand vs. ETF
Most of SOL DAT’s momentum was built up in the second half of 2025. From July to December, total SOL treasury holdings surged from 3 million to over 16 million, representing more than five‐fold growth in demand.
However, with no strong DAT demand in late 2025, the broader market correction accelerated SOL’s drawdown to 58% drawdown, from $295 to $120.
SOL ETF demand hit $750M
Surprisingly, this was contrary to recent U.S. spot SOL ETF demand. Since their debut in late October, the products have consistently recorded weekly inflows totaling $750 million, despite the broader market lull.
Still, the deeper bearish sentiment failed to lift SOL’s price prospects. In fact, the Q4 pullback has shrunk supply in profit from nearly 100% to a three-year low of 18%.
This could rival the market distress level comparable to the FTX implosion in 2022, should SOL slip lower. By extension, the distress also suggested that current levels were major bargains for long-term investors.
That said, the 1-month liquidation heatmap marked out $120 and $130 as key areas that could attract price action in the near-term. These were immediate liquidity pools of leveraged shorts and longs that could be swiftly hit during liquidity hunts.
Beyond $130, the $135-$137 could become a key upside target, while the downside floor to track was $100 if $120 support cracks.
Final Thoughts
- Upexi pushes to increase its SOL holdings during this discounted window.
- ETF demand surged $750 million in the past three months, but broader bearish sentiment capped SOL’s recovery prospects.
