Upexi Net Loss Balloons to $109 Million on Solana Treasury Markdown

Solana (SOL) treasury firm Upexi (UPXI) posted a $109.3 million net loss for the fiscal third quarter ended March 31, 2026. 

This marks a 2,776% jump from the $3.8 million loss a year earlier, largely driven by Solana (SOL) treasury markdowns.

Solana Treasury Strategy Magnifies Upexi’s Quarterly Losses

In the press release, the firm said the net loss was driven by non-cash unrealized losses on digital assets, totaling $92.3 million during the quarter. 

Still, the Solana-focused treasury strategy offered some bright spots. Gross profit climbed 179% year-over-year to $4.4 million. 

In addition, the total quarterly revenue edged up to roughly $4.6 million, from $3.2 million in the same period of 2025.

“During the quarter, we grew the number of SOL held in our treasury by 9%, increased the number of tokens generated from staking, and repurchased approximately 2.5 million Upexi shares in the open market, all of which increased our Solana per share. Solana’s best-in-class performance, costs, and institutional adoption gives us conviction that we are building long-term shareholder value around the network that we believe will revolutionize global finance,” Allan Marshall, Chief Executive Officer of Upexi, said.

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The company also strengthened its balance sheet during the quarter, ending March 31 with $3.5 million in cash and equivalents and trimming short-term debt by about $7.6 million.

Capital activity was equally busy. Over the nine months ended March 31, Upexi bought back and retired 2,894,287 of its common shares under an active repurchase program. The firm also closed a $36 million private placement convertible note for 265,500 locked Solana tokens.

On the cost side, management has been making cuts. Upexi reduced the employee headcount to just 10, terminated a warehouse lease, and also eliminated several other general and administrative costs.

“Management estimates that by July 1, 2026, the ongoing cash expenses for operations and interest will be less than the treasury’s staking revenue at the current price of Solana,” the press release read.

Upexi is hardly alone in the red. Several digital asset treasury firms have absorbed quarterly losses amid declining crypto prices, putting pressure on their balance sheets.

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