Shares in Upexi closed Tuesday down 7.5% after it filed to raise up to $1 billion to expand its Solana treasury and pursue other opportunities related to the token.
Upexi said in its shelf registration filing to the Securities and Exchange Commission on Tuesday, that the raise could cover common and preferred stock, debt securities, warrants and units, which may be issued over time.
It said net proceeds from the offering would be used for general corporate purposes. The company primarily focuses on accumulating as much Solana (SOL) as possible and staking it to be rewarded with additional tokens.
Upexi holds 2.1 million SOL worth $262.3 million, making it the fourth-largest corporate Solana treasury company, CoinGecko data shows.
Solana treasury purchases have slowed significantly in the back half of 2025 amid a broader crypto market pullback, along with waning confidence in the sustainability of crypto treasury strategies.
Shares in Upexi (UPXI) closed Tuesday down 7.54% to $1.84, but saw a small reprieve after the bell, gaining 4.34% to $1.92.
Upexi's business was centered around consumer products and e‐commerce before pivoting to a Solana treasury company in late April.
Related: Eclipse brings Solana's parallel runtime to Ethereum
However, it hasn’t made a Solana purchase since July 23 and has seen the value of its SOL stash tumble from a peak of around $525 million in mid-September to $262.3 million at current prices.
The company is currently holding a 19% paper loss on its Solana treasury.
Solana is trading at $123.75, down 57.5% from its $293.31 all-time high set on Jan. 19, 2025, CoinGecko data shows.
Magazine: Sei wallets in Xiaomi, Bhutan’s gold on Solana: Asia Express
