Solana-treasury firm Upexi's stock falls 7.5% after announcing $1 billion fundraising plan

Upexi, which holds Solana (SOL) as a financial asset, saw its share price plunge after revealing plans for a large fundraising. Analysts say the market reflected caution about the sustainability of its treasury strategy alongside the possibility of additional Solana purchases.

According to Cointelegraph on the 24th (local time), Upexi filed a shelf registration with the U.S. Securities and Exchange Commission (SEC) to raise up to $1 billion. The filing allows for the phased issuance of common stock, preferred stock, debt securities, warrants, units and other instruments.

Upexi said it plans to use the net proceeds from the fundraising for general corporate purposes. The company’s core business model centers on acquiring as much Solana as possible and staking it to earn additional token rewards.

Upexi currently holds 2.1 million Solana, worth about $262.3 million. According to CoinGecko data, Upexi is ranked as the fourth-largest corporate Solana treasury.

However, Solana treasury purchases noticeably slowed in the second half of 2025. Upexi has not made additional purchases since July 23, and the value of its holdings has fallen sharply from a mid-September peak of about $525 million. As of now, the Solana treasury shows about a 19% unrealized loss.

In this context, Upexi's shares fell 7.54% on the day the shelf registration news broke, closing at $1.84. After the market close, the stock recovered slightly to $1.92, but the market remains cautious about the sustainability of the Solana treasury strategy.