Hayes-backed Solana treasury firm doubles down on SOL despite $179M net loss

Upexi reported an approximate $179 million net loss in the fourth quarter of 2025 as its digital asset holdings faced a steep decline, yet the Solana treasury firm, supported by Arthur Hayes’ family office Maelstrom Fund, said it would continue to focus on accumulating more $SOL.

“Management continues to focus on growing Solana’s holdings on a per-share basis through disciplined capital activities, staking yield, and opportunity stake purchases of discounted locked tokens while maintaining prudent leverage and risk management,” CFO Andrew Norstrud said during the company’s earnings call.

Upexi added 106,000 Solana in the fourth quarter, ending the year with over 2 million tokens. Around 95% of the company’s $SOL has been committed to staking.

At a market price of $81 per token, the company’s Solana holdings are currently down around 57%.

Despite weakness in the Solana market that has weighed on the company’s valuation, Upexi’s management said it remains optimistic about the token’s long-term fundamentals.

The team views current volatility as typical for emerging digital assets, with expectations that 2026 will be a strong year for both Solana and the company.

“Our conviction in the long-term opportunity for Solana and our strategy remains stronger than ever despite the challenging market environment over the last several months — dynamics which we view as cyclical, not structural,” said CEO Allan Marshall.

Norstrud noted that rising market interest and the introduction of multiple ETFs are bringing greater liquidity and maturation to the space. Executives said they are managing exposure carefully but remain focused on expanding the business and capitalizing on potential opportunities.

On earnings, Upexi reported revenue of $8.1 million, more than twice the $4 million recorded a year earlier, with over $5 million generated from staking income. Gross profit increased 126% year-over-year to $6.7 million, aided by the treasury segment established in 2025.

Cash balances were $1.6 million at year-end but climbed to nearly $9.7 million following capital raises. After the reporting period, the firm completed a $36 million Solana-backed convertible note and a $7.4 million registered direct offering to strengthen digital asset reserves.

Upexi also adopted a high-return treasury strategy and began a $50 million share repurchase program, buying back roughly 416,000 shares.