Solana Treasury Company Upexi Shares Drop 8% After Reporting Third-Quarter Net Loss Widens to $109 Million

Shares of Solana treasury company Upexi fell 8.16% on Tuesday after the company reported a third-quarter net loss that widened to $109 million, primarily due to a decline in the value of its cryptocurrency holdings. A Tuesday filing showed the company recorded $92.3 million in unrealized losses on its digital assets. Despite revenue climbing 46% year-over-year to $4.6 million, driven by crypto staking income, the company still posted a loss.

Upexi’s results show that as of March 31, the company held 2.5 million Solana tokens valued at over $238 million, making it the second-largest corporate treasury holder of Solana—trailing only Forward Industries, which holds over 7 million Solana tokens (data via CoinGecko).