Solana treasury firm Upexi posts $109 million quarterly net loss amid crypto markdowns

Solana treasury firm Upexi reported a sharply wider fiscal third-quarter net loss, largely driven by unrealized markdowns on its digital assets.

According to the firm's latest earnings report released Tuesday, Upexi generated $4.6 million in total revenue during the quarter ended March 31, 2026, up from $3.2 million in the same period last year.

Despite the revenue increase, the company posted a net loss of $109.3 million for the quarter, compared to a net loss of $3.8 million in the same quarter in 2025. Its loss per share came in at $1.67, compared with a loss per share of $2.87 a year earlier. 

"This net loss was largely driven by $92.3 million of unrealized losses on digital assets, reflecting non-cash quarter-end fair value adjustments," Upexi said.

The Nasdaq-listed firm held 2.36 million SOL as of the end of March with a fair value of $184.9 million, according to its filing. Its revenue from staking totaled $3.5 million in the quarter.

The company also said it has completed a $36 million convertible note private placement in exchange for 265,500 locked SOL tokens.

"This quarter's results reflect diligently executing against our digital asset treasury strategy of accumulating SOL on an accretive per-share basis and maintaining a flexible capital structure that positions us to pursue opportunities as they emerge," CEO Allan Marshall said in the report. 

"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," Marshall added.

Upexi's shares fell 8.2% to close at $1.35 on Tuesday. The stock is up 22.7% over the past month but remains down 60% over the past six months, according to Yahoo Finance data.

Solana (SOL) traded flat over the past 24 hours at around $95.38, according to The Block's SOL price page. It slid from around $124 at the start of 2026 to $82 by the end of March.