Upexi, Inc. has expanded its Solana-focused balance sheet after securing a sizable private financing tied directly to digital assets. The company disclosed a $36 million in-kind convertible note agreement with institutional investor Hivemind Capital Partners, marking one of the largest Solana-denominated treasury moves by a U.S. public company this year.
The deal reinforces Upexi’s strategy of building shareholder value through disciplined exposure to Solana rather than cash-based financing. Besides strengthening liquidity, the structure limits balance-sheet risk by relying on locked SOL instead of fiat proceeds.
Solana Treasury Grows Past 2.4 Million Tokens
Under the agreement, Upexi receives locked Solana in exchange for a 24-month convertible note with a fixed conversion price above recent market levels. Consequently, the company expects its Solana holdings to rise by roughly 12% once the transaction closes. That increase lifts the treasury above 2.4 million SOL, further separating Upexi from peers pursuing smaller or more diversified crypto allocations.
Additionally, the note carries a 1% annual interest rate paid quarterly, keeping financing costs relatively low. The SOL backing the note also serves as collateral, which significantly reduces credit exposure tied to market swings.
Management views this approach as a way to compound Solana exposure without immediate dilution. The conversion price of $2.39 per share sits above the stock’s prior close, aligning investor incentives with longer-term equity performance. Moreover, the private placement structure allows Upexi to avoid underwriting fees and public offering volatility.
Accretion Strategy Targets Per-Share Growth
Upexi continues to frame treasury expansion around per-share metrics rather than absolute token counts. The company reported a 34% rise in adjusted Solana per share during 2025, setting a benchmark for future capital actions. Hence, leadership believes the new note supports further accretion if conversion occurs.
Allan Marshall, CEO of Upexi, stated, “This transaction improves Upexi’s market position in the Solana treasury space, is accretive to our adjusted Solana per share should the Note convert to equity, and has limited credit risk given the in-kind nature of the transaction.”
Institutional Confidence in a Public Solana Vehicle
Hivemind described the investment as a long-term conviction play on both Solana and Upexi’s execution model. The firm emphasized disciplined capital markets strategy and treasury management as key factors. Significantly, the deal required no underwriter or placement agent, reducing transaction complexity.
The Solana used in the transaction will join Upexi’s treasury immediately after closing. Consequently, the company gains direct exposure without relying on synthetic instruments. Besides strengthening reserves, the structure aligns investor incentives with long-term network growth.
Source: https://coinpaper.com/13753/upexi-expands-solana-treasury-through-36-million-convertible-note-deal
