Upexi (ticker UPXI), a Nasdaq-listed digital asset treasury company centered on Solana holdings, has priced a private placement of up to $23 million in common stock and warrants, the firm announced Wednesday.
According to a press release, the transaction delivers $10 million upfront and includes the potential for an additional $13 million in gross proceeds if all warrants are exercised for cash.
The offering was struck at a combined purchase price of $3.04 per share and warrant, a level the company said sits above its at-the-market price under Nasdaq rules.
Upexi noted that the price represents a 1.3x premium to its fully loaded modified net asset value calculation and is accretive to its adjusted SOL-per-share figure, which is a key metric for investors tracking the firm’s Solana accumulation strategy.
Each warrant carries a $4.00 exercise price, is immediately exercisable, and has a four-year term. Closing is expected on or around December 1, pending customary conditions.
Upexi said the net proceeds will support general corporate purposes, working capital, and the growth of its Solana treasury. A.G.P./Alliance Global Partners is acting as placement agent.
Solana treasury strategy meets market volatility
Upexi is currently one of the largest public companies holding Solana. The firm reported over 2 million SOL on its balance sheet earlier this year and has repeatedly emphasized that its core corporate strategy revolves around long-term SOL exposure and treasury optimization.
That approach has produced dramatic financial swings. As The Block reported earlier this month, Upexi posted a record quarter powered by more than $78 million in unrealized SOL gains, following a sharp run-up in Solana’s price. But recent market turbulence has reversed much of that.
According to The Block’s data dashboard, Upexi’s SOL holdings have shed more than $200 million in USD value since September’s peak as the broader crypto correction cut sharply into corporate digital asset treasuries. UPXI shares have also shed nearly 40% in the last month as crypto markets whipsawed.
Still, the company plans to continue its corporate crypto strategy. Upexi recently launched a stock buyback program, arguing that Solana-denominated treasury firms need to demonstrate capital discipline as market conditions turn.
The firm said today’s private placement will help reinforce that balance sheet strategy while preserving dry powder for future Solana purchases.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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