Shares in Solana treasury company Upexi fell 8.16% on Tuesday after reporting a widened net loss of $109 million in its fiscal third quarter, driven by a fall in the value of its crypto holdings.
The company reported $92.3 million in unrealized losses on digital assets, according to a filing on Tuesday. This was despite total revenue rising 46% to $4.6 million compared with the same period last year, driven by crypto staking revenue.
Upexi CEO Allan Marshall said during the earnings call that Upexi faced a challenging environment, along with the rest of the industry, but it has focused on initiatives to improve the company’s fundamentals through share buybacks and a convertible note offering to raise additional capital.
“Our fiscal third quarter was characterized by a challenging environment, most notably a continued decline in both the price of Solana and industry multiples. Both had a direct impact on our stock and were the result of a general bear market in crypto,” he said.
Source: Upexi
“While we, like any treasury company, are heavily impacted by token prices and valuation multiples, we are not simply waiting around for the environment to improve but rather are taking a proactive approach with several efforts afoot,” Marshall added.
Solana holdings increased by 9% during the quarter
Upexi had 2.5 million Solana tokens, worth more than $238 million, in its holdings as of March 31, its results show, making it the second-largest corporate Solana treasury after Forward Industries, which holds more than 7 million tokens, according to CoinGecko.
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Previously, its business centered on consumer products and e-commerce before publicly announcing a pivot to becoming a Solana treasury company in late April 2025.
Marshall said that, in the long term, the company expects Solana to be viewed independently of Bitcoin as investor knowledge increases and to be judged on its own underlying fundamentals.
“While we believe the biggest determinant of the price of Solana will be the price of Bitcoin over the near term, we see this changing over the next few years,” he said.
“This is primarily because Bitcoin and Solana are two completely different constructs, with the former a store of value or digital gold, and the latter a new type of computer, and one that is upgrading our antiquated financial infrastructure.”
Forward Industries, the largest Solana treasury company, has scheduled its next earnings call for Thursday. In its previous results, released in February, its revenue increased from $4.6 million to $21.4 million. The company said the increase was largely driven by staking revenue.
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