Upex stock falls amid Q3 widening net loss at Solana Holdings
Solana's treasury firm Upexi fell 8.16% on Tuesday after reporting a net loss of $109 million in its fiscal third quarter due to a fall in the value of crypto holdings.
On Tuesday, the company reported an unrealized loss on digital assets of $92.3 million. This total revenue increased by 46% to $4.6 million compared to the same period last year, driven by crypto staking revenue.
Upexy CEO Alan Marshall said during the earnings call that Upexy faces challenges with the rest of the industry, but is focused on initiatives to improve the company's fundamentals by issuing a convertible note to raise additional capital.
“The third quarter of our fiscal year was characterized by a difficult environment, in particular, a continuous decrease in the price of Solana and industrial multiples. Both had a direct impact on our stock and were the result of a general bear market in crypto,” he said.
Source: Upexi
“While we, like any treasury company, are heavily influenced by token prices and valuation multiples, we are taking a proactive approach rather than simply waiting for the environment to improve,” added Marshall.
Solana's holdings were up 9% in the quarter.
Upexi was launched in 2010. As of March 31, it had 2.5 million Solana tokens worth more than $238 million in its holdings, the results show, making it the second-largest corporate Solana treasury behind Forward Industries, which holds more than 7 million tokens, CoinGecko reported.
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The business previously focused on consumer products and e-commerce before publicly announcing that Solana is slated to become a treasury company by the end of April 2025.
According to Marshall, in the long term, the company expects Solana to become independent of Bitcoin as investors' knowledge increases and it is judged on its own fundamentals.
“While we believe that the biggest determinant of Solana's price in the near future will be the price of Bitcoin, we will see this change in the next few years,” he said.
This is mainly due to the fact that Bitcoin and Solana are two completely different constructs, the former being a store of value or digital gold, and the latter having a new form of computing and upgrading the old financial infrastructure.
Primary Industries, Solana's largest treasury company, scheduled its next earnings call for Thursday. In results released last February, revenue rose from $4.6 million to $21.4 million. The company said the increase was mainly due to the inclusion of revenue.
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