Solana Treasury Upexi falls 7.5% Following One Billion Dollar Filing

TLDR

Table of Contents

Upexi filed a $1 billion shelf registration to grow its Solana holdings.
Shares of Upexi fell 7.54 percent to close at $1.84 on Tuesday.
The company holds 2.1 million SOL valued at $262.3 million.
Solana trades at $123.75, down 57.5 percent from its January all-time high.

Shares of Solana-focused company Upexi dropped sharply on Tuesday after it filed for a $1 billion shelf registration with the U.S. Securities and Exchange Commission. The filing indicates the company may expand its Solana treasury, following over five months without new purchases. Investors reacted to the news as Upexi looks to raise funds through equity, debt, and other instruments to pursue corporate and crypto-related opportunities.

Upexi files $1 billion shelf registration

Upexi said in its SEC filing that the registration could cover common stock, preferred stock, debt securities, warrants, and units. The company can issue these over time depending on market conditions.

Net proceeds from the offering are expected to be used for general corporate purposes. Upexi primarily focuses on growing its Solana holdings and staking tokens for additional rewards. The company has not added to its Solana treasury since July 23, 2025.

New: @Solana treasury company @UpexiTreasury, which manages about 2M $SOL on its balance sheet, has filed a shelf registration with the SEC to raise up to $1B. pic.twitter.com/mlR7paJyWc
— SolanaFloor (@SolanaFloor) December 24, 2025

“These proceeds will allow the company to pursue opportunities related to Solana and broader corporate initiatives,” Upexi said in a statement.

Market reaction and share movement

Shares of Upexi (UPXI) fell 7.54% to close at $1.84 on Tuesday. In after-hours trading, the stock recovered slightly, rising 4.34% to $1.92.

The drop reflects investor caution amid a broader slowdown in Solana treasury purchases across companies. Market observers note that confidence in crypto treasury strategies has waned as the market experiences volatility.

Upexi’s SOL holdings are valued at $262.3 million, down from a mid-September peak of roughly $525 million. The company currently faces a 19% paper loss on its treasury.

Solana holdings and company background

Upexi began accumulating Solana in late April 2025 after transitioning from a consumer products and e-commerce focus. The company is now the fourth-largest corporate Solana treasury according to CoinGecko data, holding 2.1 million SOL tokens.

Solana’s market value has declined sharply in 2025. The token currently trades at $123.75, down 57.5% from its all-time high of $293.31 set in January. Upexi’s strategy has focused on staking tokens for additional Solana rewards while maintaining treasury exposure.

The shelf registration suggests Upexi may resume purchases, potentially boosting its SOL treasury in the coming months. The company continues to monitor market conditions before making further acquisitions.

Broader context for crypto treasuries

Corporate treasuries in Solana have slowed in 2025 amid market pullbacks. Companies previously expanded their holdings when token prices were rising.

Upexi’s registration highlights how firms are preparing to fund treasury and corporate growth through traditional financial instruments. The company’s move aligns with broader trends in regulated fundraising and token accumulation strategies.

Analysts note that treasury expansions are often timed based on market volatility and token price performance. Upexi’s announcement underscores ongoing investor interest in blockchain-based corporate strategies.