solana

Nasdaq-listed Upexi reported sharply higher revenue in its fiscal second quarter, but posted a steep net loss as falling Solana (SOL) prices weighed heavily on the company's SOL treasury holdings.
The Solana-focused treasury firm and consumer brands operator recorded $8.1 million in total revenue for the quarter ended Dec. 31, roughly doubling from $4 million a year earlier, according to results released Tuesday afternoon.
Digital asset operations generated $5.1 million, primarily from staking income, surpassing the $2.9 million produced by Upexi’s consumer brands segment. Gross profit climbed 126% year over year to $6.7 million, largely driven by the addition of the company’s digital asset treasury business last year.
Still, Upexi reported a net loss of nearly $179 million, compared with a $1.3 million loss in the same quarter a year earlier. The swing was largely driven by $164.5 million in unrealized losses tied to quarter-end fair value adjustments on its crypto holdings, along with $8.3 million in stock-based compensation expense. Executives said the losses were primarily non-cash accounting adjustments, while underlying treasury operations continued to generate income through SOL staking rewards and token accumulation.
Upexi held over 2.17 million SOL at quarter end, with about 95% of tokens staked. During the earnings call, management said holdings are now closer to 2.4 million SOL, though SEC filings have not yet been updated to reflect an official revised total.
The company also strengthened liquidity through multiple capital raises, including a $36 million convertible note backed by locked SOL and a $7.4 million registered direct offering, bringing cash on hand to roughly $9.7 million. A previously announced $50 million share repurchase program remains in place.
Solana now trades below $80, near its lowest level in more than two years, while Upexi shares recently hit an all-time low around $0.90, down sharply from highs above $22 reached after the company pivoted to a crypto treasury strategy last year.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

#solana $SOL

Observando a SOL agora — isso não é apenas outro salto de $80. Sem desculpas técnicas. Esta é estrutura. O preço manteve essa zona exata onde a liquidez foi varrida várias vezes desde o final de 2023. E está segurando novamente. Não por acaso.
A atividade on-chain está subindo novamente em direção aos máximos de dezembro. O interesse aberto está se espalhando entre as exchanges, não se agrupando em pânico. Isso não é hype. É o retorno silencioso de jogadores que saíram após a última montanha-russa.
Certo, a estabilização do Bitcoin acima de $68K deu espaço para os altcoins respirarem. Mas a Solana não está apenas surfando na onda. Está acumulando posições entre $85–90. Se mantiver aqui de forma sustentável, os vendedores perdem o controle. Falhar — e estaremos de volta a ralar entre as mínimas recentes e a resistência superior.

Solana Company shares (NASDAQ: HSDT) jumped roughly 17% on Friday after the firm unveiled a structure allowing institutions to borrow against natively staked SOL while keeping assets in custody, aiming to unlock liquidity from treasury holdings during a prolonged downturn for Solana-linked stocks.
The Nasdaq-listed firm, formerly Helius Medical Technologies, partnered with Anchorage Digital and Solana lending protocol Kamino to enable loans backed by SOL that remain staked and held in segregated custody accounts at Anchorage. In practice, it allows holders to continue earning staking rewards while unlocking onchain borrowing liquidity rather than needing to unstake or sell tokens to raise capital.
Shares of Solana Company rose to around $2.30 following the announcement, rebounding from an all-time low near $1.80 earlier this week. The stock nevertheless remains down around 90% since the company pivoted to a Solana treasury strategy in mid-September last year.
Solana Company is currently the second-largest publicly traded holder of SOL, according to The Block's digital asset treasury data, with roughly 2.3 million tokens on its balance sheet worth nearly $200 million. Sector leader Forward Industries holds three times that amount.
SOL treasury survival mode
The launch comes as publicly listed Solana treasury companies continue to face pressure after SOL slid from roughly $245 when Solana Company rebranded in September to about $70 last week before recovering toward the mid-$80 range.
Falling token prices have weighed heavily on corporate balance sheets, pushing firms to rely more on staking income and alternative yield strategies instead of price appreciation alone.
Several peers are also moving in similar directions.
SOL Strategies last month launched a liquid staking token backed by more than 500,000 SOL, adding a fee-generating product alongside its validator and treasury operations, while Sharps Technology recently disclosed its treasury is earning roughly 7% annualized staking yield while expanding validator operations.
Meanwhile, Upexi said staking income now accounts for the majority of company revenue, even as lower SOL prices drove a $179 million quarterly loss largely tied to accounting revaluations.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

$SOL
#solana #defi