Upexi posted a major quarterly loss but did not change its strategy. The company continues to increase its position in Solana even amid a market downturn.
For the fourth quarter of 2025, the Solana-focused treasury company reported a net loss of about $179 million. The main reason was the revaluation of digital reserves due to the decline in the SOL price. During the reporting period, the token dropped significantly, which affected the balance sheet.
At the same time, management is not talking about a course correction. On the contrary, the company has increased its exposure to Solana.
SOL Reserves Grow, Bet Is on a Long Cycle
During the quarter, Upexi acquired another 106,000 SOL. By year-end, the treasury held more than 2 million tokens. Nearly 95% of these assets are staked, generating additional income.
At the current price of about $78–80, the total drawdown from peak levels exceeds 55%. Nevertheless, CFO Andrew Norstrud stated that the company intends to increase the amount of SOL per share through capital management and staking yield.
After the quarter ended, Upexi raised additional funding. The company issued convertible bonds secured by Solana for $36 million and conducted a direct share placement for $7.4 million. As a result, cash holdings rose to nearly $9.7 million from $1.6 million previously.
Revenue Grows, but Volatility Pressures Reporting
Operating revenue reached $8.1 million. This is more than double last year’s $4 million. More than $5 million came from SOL staking, confirming the importance of blockchain infrastructure yield for the company model.
Gross profit increased by 126% to $6.7 million. The treasury segment, launched in 2025, made a significant contribution. At the same time, the company approved a $50 million share buyback program and has already acquired about 416,000 shares.
Upexi CEO Allan Marshall emphasized that the current turbulence is cyclical. According to him, Solana’s long-term potential remains unchanged, and the strategy is focused on future ecosystem expansion.
SOL Tests Key Support Zone
Meanwhile, Solana is trading near $78–79. In the past day, the token lost about 3–4%, and over the week the decline approached 14%. Market capitalization remains above $45 billion with a turnover of about 570 million SOL.
From a technical perspective, the asset continues a downward trend from the autumn highs around $240. The $160 and $120 levels were broken earlier. Now attention is focused on the $78 zone, which many analysts see as strategic support.
If buyers hold this range, a rebound to $90 and then to $120 is possible. If it breaks down, the next targets may be $62 and $50.
What This Means for the Market
The Upexi story shows that institutional players continue to form long-term positions even during a downturn. The company is betting not only on SOL price growth but also on infrastructure yield through staking.
At the same time, a high share of digital assets on the balance sheet increases the sensitivity of reporting to market volatility. This makes the company’s shares more dependent on Solana’s dynamics than traditional businesses.
The market is watching the $78 level closely. Its stability will largely determine the short-term scenario for both SOL and the strategies of companies building treasury models around this asset.
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