Hayes-backed Solana Treasury Co. doubled on SOL despite a $179M net loss.
Upexi reported a net loss of $179 million in the fourth quarter of 2025.
“Management continues to focus on growing Solana's holdings per share through orderly capital moves, yield acquisitions and opportunity purchases of discounted locked-in tokens,” CFO Andrew Norstrud said during the company's earnings call.
Upexi added 106,000 Solana in the fourth quarter, ending the year with more than 2 million tokens. 95% of the company is committed to acquiring SOL stock.
At a market value of $81 per token, the company's Solana holdings are currently down 57%.
Despite the weakness in Solana's market, which has weighed on the company's valuation, UPEC management said it is optimistic about the token's long-term fundamentals.
The group sees the current dynamics as typical for digital assets, with 2026 expected to be a strong year for Solana and the company.
“Our belief in the long-term opportunity for Solana and our strategy remains as strong as ever despite challenging market conditions over the past several months – volatility is cyclical, not structural,” said CEO Alan Marshall.
Norstrade notes that increased market demand and the introduction of multiple ETFs is bringing greater liquidity and maturity to the space. Executives are carefully managing exposure but are focused on growing the business and capitalizing on potential opportunities, he said.
In terms of revenue, Upexi reported revenue of $8.1 million, more than double the $4 million recorded a year ago, with revenue of more than $5 million. With the help of a treasury department established in 2025, gross profit grew 126% year-on-year to $6.7 million.
Cash balances were $1.6 million at the end of the year, but increased to nearly $9.7 million following a capital increase. After the reporting period, the company completed a $36 million Solana-backed convertible note and a $7.4 million direct digital asset acquisition.
Upexi adopted a high-return treasury strategy and began a $50 million buyback program by purchasing 416,000 shares.
