Upexi has filed with the Securities and Exchange Commission to potentially raise up to $1 billion for expanding its Solana treasury and exploring related opportunities. Following this announcement, the company's shares fell by 7.5%, closing at $1.84 on Tuesday, although they rebounded slightly in after-hours trading to $1.92.
Currently, Upexi holds approximately 2.1 million SOL, valued at $262.3 million, positioning it as the fourth-largest corporate Solana treasury, as reported by CoinGecko. The company's focus has shifted significantly since late April when it transitioned from consumer products and e-commerce to concentrating on Solana.
Despite its ambitious plans, Upexi has not made any purchases of Solana since July 23, with the value of its holdings dropping from a peak of around $525 million in mid-September. The firm is currently facing a paper loss of 19% on its treasury as the price of Solana has decreased significantly from its all-time high of $293.31 to $123.75.