Upexi, which is listed on Nasdaq, seeks to raise $1.0 billion for SOL holdings

Source: Yellow Original Title: Upexi, listed on Nasdaq, seeks to raise $1 billion for SOL Holdings

Original Link: https://yellow.com/es/news/upexi-que-cotiza-en-nasdaq-busca-recaudar-1000-millones-de-ddollars-for-sol-holdings The consumer products company listed on Nasdaq, Upexi, filed on Tuesday a shelf registration for $1.0 billion.

The filing gives the company flexibility to raise capital over the next three years.

It does not represent an immediate capital raise.

Upexi owns approximately 2.1 million SOL tokens, valued at around $262 million at current prices.

This makes it the fourth-largest treasury of Solana among publicly traded companies.

What happened

The shelf registration allows Upexi to issue various securities, including common stock, preferred stock, debt instruments, and warrants.

The proceeds would be used for general corporate purposes, including working capital, research and development, acquisitions, and debt repayment.

Importantly, additional Solana purchases remain part of the declared strategy.

The filing comes at a difficult time for Solana.

SOL trades around $124, roughly 58% below its all-time high of $293 in January 2025.

Upexi currently bears an unrealized loss of 19% on its treasury position.

The company has not made any Solana purchases since July 23.

UPXI shares closed at $1.84 on December 23, a 7.5% decline after the filing was announced.

The value has fallen more than 50% year-to-date from a high above $22 in May.

Why it matters

Upexi shifted to a treasury strategy focused on Solana in late April 2025, moving away from its original consumer products business model.

For the quarter ending September 30, the company reported $9.2 million in revenue.

Net profit totaled $66.7 million, driven almost entirely by unrealized gains on its SOL holdings.

This financial structure creates significant volatility.

When Solana recovers, Upexi’s balance sheet expands dramatically.

When prices retreat, unrealized losses increase and stock valuations compress.

The shelf registration indicates management’s intention to increase its position if market conditions improve.

However, the persistent underperformance of the stock suggests investors remain skeptical that crypto treasury strategies will translate into sustainable equity value.