Solana DAT Upexi posts $179 million loss as SOL price slide hits treasury despite revenue doubling
Upexi reported an $179 million net loss due to unrealized losses on its SOL treasury, despite doubling revenue to $8.1 million.Summary
Nasdaq-listed Upexi, a Solana-focused treasury firm, saw its total revenue double to $8.1 million in the fiscal second quarter ended December 31, driven largely by digital asset operations income from SOL staking. However, the company posted a steep net loss of nearly $179 million, a significant increase from $1.3 million the previous year. This loss was primarily attributed to $164.5 million in unrealized, non-cash accounting adjustments stemming from the declining fair value of its cryptocurrency holdings, particularly Solana (SOL). At quarter-end, Upexi held over 2.17 million SOL, with management indicating holdings are now closer to 2.4 million SOL. Despite the paper loss, executives noted that underlying treasury operations continued to generate income through staking rewards. The company also raised capital, bringing cash on hand to about $9.7 million, while its stock price has fallen sharply amid the broader SOL price slide.
(Source：The Block)