Upexi reports $109.3M Q1 net loss on SOL valuation drop

Nasdaq-listed Upexi, which has been strategically accumulating SOL, reported a net loss of $109.3 million for the first quarter of 2026, a significant increase from the $3.8 million loss in the same period last year, The Block reported. The result was primarily driven by $92.3 million in unrealized valuation losses on its digital assets. Although revenue grew to $4.6 million from $3.2 million year-over-year, it was insufficient to offset the losses. Upexi CEO Allan Marshall stated that during the quarter, the company increased its treasury SOL holdings by 9% and repurchased approximately 2.5 million of its own shares to boost its SOL holdings per share. As of the end of March, the company held 2.36 million SOL, valued at $184.9 million, and earned $3.5 million in staking revenue. Upexi also conducted a $36 million private placement of convertible notes in exchange for 265,500 locked-up SOL.