TL;DR:
Upexi, the company that adopted Solana as its core treasury asset, reported a net loss of $109.3 million in the first quarter of 2026, compared to the $3.8 million loss recorded in the same period the previous year. The drop is sharp, but its primary cause is not operational: $92.3 million corresponds to unrealized losses on its digital assets, resulting from fair value accounting adjustments at the end of the quarter.
Total revenues reached $4.6 million for the period, up from $3.2 million a year earlier. Loss per share stood at $1.67, an improvement from the $2.87 recorded in the same quarter of 2025, reflecting the effect of accumulated dilution on the shareholder base.
As of March 31, Upexi held 2.36 million SOL valued at $184.9 million. The pressure on that figure has been felt: Solana was trading near $124 at the start of 2026 and fell to $82 by the end of March, currently trading around $91. That decline largely explains the accounting impact reported.
CEO Allan Marshall defended the company’s trajectory despite the adverse results. According to his statement included in the report, during the quarter Upexi increased its SOL treasury holdings by 9%, grew tokens generated through staking, and repurchased approximately 2.5 million of its own shares in the open market. Revenue from staking totaled $3.5 million for the period.
The company also completed a private placement of convertible notes for $36 million in exchange for 265,500 locked SOL tokens, a transaction aimed at strengthening the capital structure without reducing exposure to Solana.
Upexi shares closed Tuesday with a decline of 8.2%, at $1.35. Over the past six months they have accumulated a 60% loss, though over the last month they recovered 22.7%, according to Yahoo Finance data. The volatility of SOL’s price will continue to be the determining factor in the company’s accounting results in the coming quarters.
