Shares of Upexi fell sharply on Tuesday after the company filed to raise up to $1 billion, a move aimed at expanding its Solana treasury and supporting other token-related initiatives.
Key Takeaways:
- Upexi shares fell after the company filed to raise up to $1 billion to expand its Solana treasury.
- The firm holds 2.1 million SOL worth about $262 million but has paused purchases amid a broader market pullback.
- Declining Solana prices have cut the value of Upexi’s treasury by more than half from its peak.
The stock closed down 7.5% at $1.84 following the filing, though it recovered some ground in after-hours trading, rising 4.3% to $1.92, according to Google Finance data.
In a shelf registration statement filed with the US Securities and Exchange Commission, Upexi said the offering could include common and preferred stock, debt securities, warrants and units issued over time.
Upexi Pivots to Solana Treasury Strategy With $262M in SOL Holdings
The company said proceeds would be used for general corporate purposes, with a primary focus on accumulating Solana and staking the tokens to generate additional yield.
Upexi currently holds 2.1 million SOL valued at about $262.3 million, making it the fourth-largest corporate Solana treasury, according to CoinGecko.
The company adopted its Solana-focused strategy in late April, pivoting away from its previous consumer products and e-commerce business.
However, Upexi has not added to its Solana holdings since July 23, reflecting a broader slowdown in corporate crypto treasury purchases in the second half of 2025.
The pullback comes as digital asset prices have declined and investor confidence in treasury-driven crypto strategies has weakened.
The value of Upexi’s Solana holdings has fallen sharply alongside the token’s price. At its peak in mid-September, the company’s SOL treasury was valued at roughly $525 million.
At current prices, that figure has dropped by more than half, leaving Upexi with an estimated paper loss of about 19%.
Solana was trading near $123.75 at the time of writing, down 57.5% from its all-time high of $293.31 set in January 2025, CoinGecko data shows.
The filing underscores the risks facing companies that have tied their balance sheets closely to volatile digital assets, even as some continue to pursue aggressive accumulation strategies in anticipation of a market rebound.
Solana Shrugs Off One of the Largest DDoS Attacks on Record
As reported, Solana has successfully withstood a massive distributed denial-of-service (DDoS) attack that peaked at nearly 6 terabits per second, ranking among the largest ever recorded on the internet.
The attack, which lasted for more than a week, did not disrupt network activity, with Solana continuing to process transactions normally and maintaining sub-second confirmation times, according to data shared by SolanaFloor.
The incident places Solana alongside major centralized infrastructure providers such as Google Cloud, Cloudflare and AWS, which have previously faced record-scale DDoS assaults.
Despite the scale of the traffic, Solana’s validators and core infrastructure absorbed the load without performance degradation, highlighting improvements in the network’s resilience compared to earlier periods marked by congestion and outages.
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