Hayes-backed Solana treasury firm doubles down on SOL despite $179M net loss
Despite a $179M Q4 net loss due to declining asset values, Hayes-backed Upexi is increasing its Solana holdings.Summary
Upexi, a Solana treasury firm backed by Arthur Hayes' Maelstrom Fund, reported a net loss of approximately $179 million in the fourth quarter of 2025 due to a steep decline in its digital asset holdings. Despite this, the company announced it will continue to focus on accumulating more SOL through disciplined capital activities, staking yield, and purchasing discounted locked tokens. Upexi ended the year with over 2 million SOL tokens, about 95% of which is staked, and management remains highly optimistic about Solana's long-term fundamentals, viewing current market weakness as cyclical. The company also reported strong revenue growth, more than doubling its year-over-year revenue to $8.1 million, largely driven by staking income, and has taken steps to strengthen its reserves and initiate a $50 million share repurchase program.
(Source：Crypto Briefing)