Upexi Boosts Solana Holdings by 172% in July, Surpasses 2 Million SOL

Upexi Inc. (NASDAQ: UPXI), a Tampa-based consumer brand operator, significantly expanded its Solana (SOL) treasury in July, increasing its holdings by 172% to over 2 million SOL tokens.

The company, known for brands such as LuckyTail, Prax, and Cure Mushrooms, funded the purchases by raising $200 million through a combination of common stock offerings and convertible note issuances.

“July was a game-changing month,” said CEO Allan Marshall in a statement shared with CoinDesk. “We raised substantial capital and grew our Solana holdings by over 172% to reach 2 million SOL. Additionally, we delivered shareholder value through an 8% staking yield and acquired discounted locked SOL, further boosting returns.”

Among the key purchases were 100,000 SOL on July 21 and 83,000 SOL on July 23. A significant portion of the tokens were acquired as “locked SOL” at mid-teens discounts to market prices — a move the company says offers immediate unrealized gains for shareholders.

As of Monday, Upexi held 2,000,518 SOL. The company’s stock rose 9.1% on the day to $5.02, after posting a 56% gain in July. Based on current metrics, Upexi is trading at a basic market net asset value (mNAV) of 0.9x and a fully loaded mNAV of 1.6x. The basic mNAV reflects market capitalization versus the value of Upexi’s consumer and crypto holdings, while the fully loaded version includes potential capital structure changes and full deployment of available resources.

While Upexi’s core business remains consumer-focused, its crypto treasury strategy — centered around Solana — has become a defining pillar of its growth narrative.

The company’s update also highlighted broader strength in the Solana ecosystem. Key developments included proposed block limit increases, sustained network performance, and the launch of new infrastructure such as Jito’s Block Assembly Marketplace.

In the ETF space, REX-Osprey’s Solana Staking ETF surpassed $100 million in AUM, while the U.S. SEC requested revised filings from spot SOL ETF applicants — signaling continued momentum toward regulatory engagement.

Separately, the growth of tokenized assets on Solana continues to accelerate. Backed Finance’s xStocks launch on the network was cited as a major step in bringing traditional equities into DeFi infrastructure, further supporting bullish sentiment around the Solana ecosystem.