Upexi has entered into a $36 million deal with Hivemind Capital to increase its holdings in Solana
Key receivers
Solana-focused digital asset fund Upexi is increasing its SOL holdings by 12% in a $36 million deal with Hivemind Capital Partners. The transaction includes a convertible note for SOL tokens scheduled to close on January 14.
Share this article
Solana-focused treasury firm Upexi has entered into a collateral purchase agreement with Hivemind Capital Partners to issue a $36 million convertible note backed by locked-in Solana tokens.
Upon closing, the transaction is expected to increase Upexin Solana's treasury by more than 2.4 million SOL.
“Upexi's adjusted SOL per share increased by 34% in 2025, and completing the transaction above both market and fully loaded NAV is a good start to building SOL per share in 2026,” said Upexi CEO Alan Marshall.
According to Marshall, the transaction enhances Upex's market position in Solana's treasury and, given its inherent nature, has limited credit risk.
Matt Zhang, founder and managing partner of Hivemind, expressed his confidence in the partnership.
“We believe in the ability to create long-term value through Upexy's differentiated strategy, capital market expertise and disciplined execution,” Zhang said.
Zhang noted that the transaction is consistent with Heavymind's conviction as a major digital asset in Solana and as a leading public market vehicle to gain exposure to it in Upexy.
