Upexi has announced a significant net loss of approximately $179 million for the fourth quarter of 2025, primarily due to a sharp decline in its digital asset holdings. Nonetheless, the company, which is notably supported by Arthur Hayes’ family office Maelstrom Fund, remains committed to expanding its position in Solana (SOL).
Is Upexi still optimistic about Solana despite recent losses? The company’s management believes that Solana's long-term fundamentals remain solid, viewing recent volatility in the market as a typical characteristic for emerging digital assets. They anticipate that the upcoming year, 2026, will present substantial opportunities for both Solana and their operations.
During this fourth quarter, Upexi accumulated 106,000 SOL tokens, bringing its total to over 2 million, with around 95% of these tokens locked for staking. At a moment when the market price stands at $81 per SOL, the overall value of Upexi’s holdings has dropped by approximately 57%.
How did Upexi perform financially? The company reported revenue of $8.1 million within the quarter, which is more than double the $4 million recorded in the same period last year, including over $5 million derived from staking income alone. Gross profit soared by 126% year-on-year, reaching $6.7 million, largely due to the new treasury segment established in 2025.
Cash reserves have seen a positive change, growing from $1.6 million at the end of the year to almost $9.7 million following recent capital raises. Upexi executed a $36 million Solana-backed convertible note and a $7.4 million direct offering post-reporting period to bolster its digital asset reserves. Additionally, the firm initiated a high-yield treasury strategy alongside a $50 million share repurchase program, aiming to buy back about 416,000 shares.