Upexi, Inc. (NASDAQ: UPXI), a Solana-led digital asset treasury and consumer brands company, reported a record fiscal first quarter ended September 30, 2025, driven by robust performance from its Solana (SOL) holdings and a surging yield from staking operations. The firm posted total revenue of $9.2 million, more than doubling the $4.4 million recorded in the same period last year.
Of the total, $6.1 million came directly from digital asset revenue, mainly from staking income linked to its Solana treasury. Gross profit totaled $8.3 million, marking a 183% year-over-year increase. According to the company’s press release, this growth was dominated by strong digital asset returns and disciplined balance sheet management.
Net income surged to $66.7 million, or $1.21 per share, a sharp turnaround from a net loss of $1.6 million, or $1.55 per share, in the previous year’s quarter. The company noted that roughly $78 million in unrealized gains from its Solana holdings contributed significantly to the results.
Solana strategy turns corporate treasury into yield engine
Allan Marshall, Upexi’s Chief Executive Officer, said the company’s decision earlier in 2025 to hold Solana directly on its balance sheet has redefined its treasury model.
“Early in 2025, we enhanced our cash management and treasury strategy to include holding the cryptocurrency Solana directly on our balance sheet. Today, substantially all our Solana is generating a meaningful yield, effectively turning our treasury into a productive, revenue-generating asset,” said Allan Marshall.
He added in Wednesday’s earnings call that “We are in an advantaged position to win. We are underpinned by an end-game winning asset with nearly-unlimited upside and offering additional value accrual mechanisms in staking and discounted locked tokens.”
This marks a meaningful shift in corporate treasury design as Upexi evolves into one of the first publicly listed firms to build a digital asset strategy centered specifically on Solana rather than Bitcoin.
Major capital agreements strengthen growth plans
Upexi’s record quarter coincided with several strategic financing initiatives aimed at expanding its digital asset operations. The company closed a $200 million concurrent private placement of common stock and convertible notes and established a $500 million equity line agreement with investment bank A.G.P.
Management said these capital moves are designed to accelerate growth within its Solana-focused treasury strategy. Shareholders also approved an increase in the number of shares that may be issued under the equity line, positioning the company to capitalize on treasury and advisory expansion opportunities.
Expanding advisory network and conference exposure
The company recently established an advisory committee to guide its digital asset initiatives, adding well-known industry figures Arthur Hayes, SOL Big Brain, and Jon Najarian. All three are early advocates of Solana’s long-term potential and are expected to support Upexi’s continued transition toward becoming a leading Solana treasury operation.
Upexi’s leadership team also participated in multiple investor events throughout the year, including the Canaccord Genuity 45th Annual Growth Conference, H.C. Wainwright’s Global Investment Conference, FT Partners FinTech Conference, and the Maxim Growth Summit. These conferences highlight the growing institutional interest in digital asset treasury strategies and the evolving role of Solana in corporate finance models.
Market reaction and Solana’s performance
Following the quarterly results, UPXI shares rose roughly 6% in after-hours trading to $3.21, signaling renewed confidence from investors after a year of volatility. Despite the increase, the stock remains down about 15% year to date. Earlier in the year, the company experienced a 60% single-day drop following a large share unlock.
Meanwhile, Solana (SOL) traded around $154.70, down more than 7% over the past 24 hours and roughly 18% year to date, reflecting ongoing fluctuations in digital asset markets.
Upexi’s Solana holdings exceeded 2.1 million SOL after the company’s latest purchase update, representing the second-largest Solana treasury among publicly traded firms, trailing only DeFi Development Corp.
Outlook
As Upexi continues to build out its Solana-first digital asset treasury model, the company aims to expand its yield generation mechanisms and enhance shareholder value through active staking, disciplined capital issuance, and structured token purchases. The firm’s leadership emphasizes maintaining flexibility during market volatility while scaling within the broader Solana ecosystem.
With the combination of record profitability, new financing structures, and advisory expansion, Upexi appears set to solidify its position as a leading player in the rapidly evolving intersection between DeFi and corporate treasury management.
Gunel Ismayilova
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