Upexi buys 100k SOL, growing Solana treasury to $331m

Upexi, a Nasdaq-listed consumer products company that’s currently the largest corporate holder of the Solana cryptocurrency, has added to its holdings with a fresh 100,000 SOL buy.

Upexi announced on July 21 that it had scooped an additional 100,000 Solana (SOL) tokens, expanding its Solana treasury to over 1.8 million SOL worth more than $331 million at the time of purchase. In its SOL move completed on July 17, Upexi acquired roughly $17.7 million worth of the cryptocurrency, with each SOL scooped at the average price of $176.77.

Nasdaq-listed Upexi’s SOL holdings are up 147% from the roughly 735.7k SOL it held as of Jun 30. The company acquired 56% of its Solana holdings in locked form, which means it scooped these at a discount. The firm added 56k SOL in June.

Upexi nets $58 milllion in unrealized gains

According to the Tampa, Florida-based company, the total of 1.82 million SOL on its balance sheet accounts for a total spent of $273 million. With Solana’s price rising in recent weeks, Upexi’s unrealized gains stood at $58 million. 

Notably, Solana’s price has surged above $190 as altcoins experience significant bullish momentum. President Donald Trump’s signing of the GENIUS Act into law marked a historic milestone for crypto regulation in the U.S. that saw altcoins spike higher, led by Ethereum (ETH) bouncing to above $3,800.

Upexi, which raised $100 million in April as it sought to back a Solana-based treasury strategy, believes its strategy could see it earn $26 million in staking revenue annually. 

Allan Marshall, the chief executive officer of Upexi, commented following the latest SOL purchase:

“Upexi was the first public company to raise a large-scale equity private placement for an altcoin digital asset treasury. In just three months, we have successfully closed two additional accretive capital raises, including a highly innovative in-kind convertible note, and grew the treasury to 1.8 million SOL or $331 million. With multiple value accrual mechanisms – from intelligent capital issuance to staking and discounted locked SOL purchases – we are confident we can and will continue to create significant value for shareholders.”

Strategy inspires crypto treasury plans

Solana has garnered significant attention as one of the “Made in America” cryptocurrencies, with traction for spot SOL exchange-traded funds, an area of massive attention ahead of a highly anticipated SEC approval. 

Apart from Upexi, other companies exploring the benefits of a Solana treasury strategy include SOL Strategies and DeFi Development Corporation.

The firms’ plans for SOL treasury models have emerged in response to rising institutional interest in crypto. Michael Saylor’s Strategy, the firm previously known as MicroStrategy, is a key inspiration for many as its Bitcoin (BTC) treasury has grown to billions worth of BTC.

DeFi Development Corp has increased its SOL holdings by 141,383 additional tokens, acquired between July 14 and July 20, 2025.