What Upexi does

Upexi, Inc. is a NASDAQ-listed (UPXI) holding company that has pivoted from a multi-brand consumer products owner into a Solana-focused digital asset treasury company. Founded in 2018 and headquartered in Tampa, Florida, the company operates two segments: a legacy consumer brands portfolio (Cure Mushrooms medicinal mushroom products, LuckyTail pet care, Prax energy gummies) sold through DTC websites and Amazon, and a newly dominant Solana treasury operation that acquires, holds, and stakes SOL tokens. The treasury strategy involves buying locked SOL at an approximate 14% discount to market via direct negotiations with token holders, staking approximately 95% of holdings through third-party proof-of-stake validators to earn 6-7% gross annualized yields, and raising equity capital through private placements, convertible notes, and ATM facilities to fund accumulation.

Revenue is generated primarily through Solana staking rewards (~$14.7M in the first nine months of FY2026) with a smaller and declining contribution from consumer products (~$7.1M YTD). The company has raised more than $500M from crypto-native investors including GSR, Hivemind, Big Brain, Anagram, and Delphi Ventures, and holds over 2.4 million SOL (NAV ~$165.3M at $68.89 per SOL). Capital structure includes a BitGo Prime credit facility with $57.3M outstanding at 11.5% interest. The company is led by CEO Allan Marshall and CSO Brian Rudick, was added to the Russell Microcap Index in June 2026, and trades at a fully-loaded mNAV of 0.9x — a discount reflecting both equity market sentiment and the structural risk profile of leveraged crypto treasury vehicles.

Name

Upexi

Legal name

Upexi, Inc.

Website

https://upexi.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

Upexi is a NASDAQ-listed holding company operating a Solana-focused digital asset treasury that acquires and stakes SOL for institutional investors, alongside a legacy consumer products portfolio (Cure Mushrooms, LuckyTail, Prax) currently being wound down.

Ownership category

akta.pro rank

Product category

Digital Asset Treasury Services

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Open-End Investment Funds (525910)

SIC

Finance Services (6199)

akta.pro primary industry

Treasury Management & Corporate Crypto Yield Programs (FSADAHAL)

akta.pro secondary industries

Staking, Restaking & Liquid Staking Finance (LST/LRT, validator markets) (FSAPAEAH), Yield Aggregators, Auto-Compounding & Strategy Vaults (DeFi Yield) (FSADAHAK)

Keywords

• Solana treasury management
• Digital asset treasury
• Blockchain staking services
• Consumer health products
• Pet care products

Headquarters

HQ city

Tampa

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others, Supply Chain

Revenue model

1. Digital Asset Revenue (Staking): Upexi earns staking rewards by delegating Solana tokens to third-party validators on proof-of-stake blockchain networks. Tokens remain under company control and rewards are recognized as income when obtained. The company reports approximately 6-7% gross annualized staking yields on its SOL holdings. Revenue is calculated based on tokens earned and month-end spot prices.
2. Consumer Products Revenue: Revenue from development, manufacturing, and distribution of consumer products including health/wellness brands (Cure Mushrooms, Prax), pet products (Lucky Tail). Products are sold direct-to-consumer and via Amazon marketplace. During Q3 FY2026, product revenue was approximately $1.05 million, down from $3.16 million in the prior year period as the company pivots away from legacy consumer product lines.
3. Digital Asset Appreciation: Unrealized gains on Solana holdings contribute to net income when SOL prices increase. The company recognizes fair value changes in Solana holdings under ASU 2023-08 accounting guidance for crypto assets, with gains and losses recognized in net income each reporting period.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Upexi is a Solana-focused digital asset treasury company that acquires, holds, and stakes Solana (SOL) tokens to generate yield while providing institutional investors with crypto exposure through NASDAQ-listed equity securities. The company also maintains a legacy portfolio of direct-to-consumer and Amazon-distributed consumer brands (Cure Mushrooms, Lucky Tail, Prax) which is being wound down as the company pivots fully toward treasury operations.

Product overview

Upexi operates as a Solana-focused digital asset treasury company combined with a consumer brands portfolio. The company operates two distinct business lines: (1) a Solana treasury strategy that accumulates, holds, and stakes Solana tokens to generate 7-9% annual yield while providing digital asset exposure through familiar equity securities, and (2) consumer product brands including Cure Mushrooms (medicinal mushroom tinctures and gummies), Lucky Tail (pet care grooming tools and nutrition), and Prax (energy gummies). The treasury business serves institutional investors seeking compliant Solana exposure, while the consumer brands focus on direct-to-consumer and Amazon sales channels.

Differentiator

Problem solved

Functional benefit

Brands

• LuckyTail: Innovative pet care product brand focused on delivering grooming tools and nutritional products for pets.
• Cure Mushrooms
• Prax

Products and services

• Solana Treasury Digital asset treasury service that acquires, holds, and stakes Solana (SOL) tokens to generate yield while providing institutional exposure to Solana's blockchain ecosystem through NASDAQ-listed equity securities. Approximately 95% of treasury is staked through third-party validators, earning 6-7% gross annualized yields. Locked SOL tokens are acquired at a 14% discount to market value.
• Cure Mushrooms A full line of medicinal mushroom products including tinctures and gummies, designed by effect for consumers and cultivated, extracted, and produced in the USA. Targets health-conscious consumers seeking natural wellness alternatives.
• Lucky Tail An innovative pet care product brand focused on delivering grooming tools and nutritional products to keep pets happy and healthy. Sold through direct-to-consumer and Amazon channels.
• Prax Energy gummies crafted with care and precision that deliver sustained energy without the crash or jitters, offering a refreshing alternative to traditional caffeinated beverages.

Quantifiable outcome

• 6-7% gross annualized staking yields on SOL holdings
• +4 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered minor, core and strategic.

• Cybersyn Holdings LLCminorStrategic or Co-development Partner · 28 August 2025Entered into an agreement to acquire a contractual royalty interest equal to 14.90% of all future gross revenue generated by the Alpha City Exchange platform hosted by Cybersyn. Initial investment was $750,000. Additional potential investments of $250,000 each upon platform milestones (10,000 and 25,000 active users).
• BitGocoreTechnology or Integration · 16 July 2025BitGo Prime, LLC provides a credit facility for purchasing Solana digital assets. The Master Loan Agreement allows borrowing in excess of $71 million for digital asset purchases at 11.50% annual interest. Loans are collateralized by treasury assets held at BitGo, with initial collateral level at 260% and margin call level at 175%. Outstanding balance was $57.3 million as of March 2026.
• Superstate (Opening Bell Platform)strategicTechnology or Integration · 26 June 2025Upexi plans to tokenize its SEC-registered shares using the Opening Bell platform developed by Superstate, utilizing Solana's blockchain infrastructure. This initiative aims to enable on-chain trading and settlement of shares potentially outside traditional market hours.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Forward Industries: Forward Industries is a direct Solana treasury peer that has accumulated a significant SOL position as its primary treasury strategy. Both companies compete for institutional capital seeking Solana exposure through NASDAQ-listed equity vehicles with similar discounted token acquisition and staking yield mechanics.
• DeFi Development Corp: DeFi Development Corp (DFDV) is a publicly traded company focused on accumulating Solana as its primary treasury reserve asset. It directly competes with Upexi in the corporate Solana treasury category, offering institutional investors an alternative vehicle for SOL exposure via equity.
• Sharps Technology: Sharps Technology (STSS) pivoted to a Solana treasury strategy and is among the publicly traded companies holding material SOL positions. Direct peer to Upexi in the corporate Solana treasury category, with similar NAV-per-share and staking yield narratives.
• Solana Company: Solana Company is one of the five publicly traded corporate Solana treasuries tracked alongside Upexi, collectively holding approximately 2.5% of SOL supply. Direct competitor in accumulating, staking, and providing equity-based Solana exposure.

Broad incumbents

• Strategy (MicroStrategy): Strategy (formerly MicroStrategy) pioneered the corporate crypto treasury model with Bitcoin, establishing the playbook Upexi is executing for Solana. While the asset class differs, Strategy's mNAV framework, capital markets strategies, and institutional positioning provide the reference template for Upexi's equity narrative.
• Marathon Digital Holdings: Marathon Digital (MARA) is a large-cap crypto treasury and mining company that pioneered holding Bitcoin on corporate balance sheet. While focused on BTC rather than SOL, Marathon offers a comparable institutional equity vehicle for investors seeking leveraged crypto exposure with treasury accumulation.
• Coinbase Global: Coinbase operates the staking infrastructure Upexi relies on and is the largest US-listed crypto platform. While not a direct treasury peer, Coinbase provides validator services, custody, and broader institutional crypto infrastructure that defines the ecosystem Upexi operates within.
• Grayscale Investments: Grayscale offers the Grayscale Solana Trust (GSOL), providing institutional investors with Solana exposure via a traditional investment vehicle. Competes with Upexi for the same institutional crypto capital pool but via a trust structure rather than operating company treasury.

Emerging players

• Bitwise Asset Management: Bitwise offers crypto investment products including Solana-focused funds and ETFs that compete with Upexi's equity wrapper for institutional crypto capital. Comparable in providing institutional Solana exposure, but via fund products rather than operating treasury strategy.

Others

• Hut 8 Corp: Hut 8 is a digital asset infrastructure company that combines crypto mining with treasury holdings. While primarily Bitcoin-focused, it represents the broader category of publicly traded companies integrating crypto assets into corporate treasury and infrastructure strategies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/upexitreasury
• LinkedInlinkedin.com/company/upxi

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries7 records

Funding overview

Funding rounds11 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Upexi