- Upexi currently has a market capitalization of $140.32 million.
- This transaction will increase the company’s SOL holdings by approximately 12%, bringing total holdings to more than 2.4 million tokens.
- Solana has seen significant ETF inflows as SOL’s price hovers near $140.
Upexi, Inc. announced on Tuesday that it has signed a securities purchase agreement with Hivemind Capital Partners for convertible notes totaling about $36 million, which will be issued in exchange for locked Solana (SOL) tokens.
The deal comes as the Nasdaq-listed company continues to expand its digital asset treasury.
Upexi currently has a market capitalization of $140.32 million.
Upexi increases its focus on Solana
Under the terms outlined in the press release, the convertible notes carry a 1.0% interest rate, payable quarterly, with a fixed conversion price of $2.39 per share and a 24-month maturity.
The SOL tokens provided as consideration will serve as collateral for the notes.
The securities were issued through a direct private placement to Hivemind Capital Partners, with no placement agent or underwriter involved.
Upon closing the transaction, Upexi plans to use the proceeds to purchase additional SOL tokens.
If completed, the company’s SOL holdings will increase to more than 2.4 million tokens.
Upexi CEO Allan Marshall said the company recorded a 34% increase in adjusted SOL per share in 2025, adding that the deal represents “a good start to building SOL per share into 2026.”
“This transaction strengthens Upexi’s market position in the Solana treasury space, increases our adjusted Solana per share if the Notes are converted into equity, and carries limited credit risk given the transaction’s in-kind structure,” said Upexi CEO Allan Marshall.
Solana sees ETF inflows and price gains
The announcement arrives amid renewed strength in the Solana ecosystem, with SOL trading above $140 as spot Solana ETFs continue to attract steady institutional inflows.
On January 12, the SOL ETF recorded total inflows of $10.67 million, with SoSoValue showing cumulative net inflows exceeding $827 million and assets under management topping $1.14 billion.
Solana has registered consecutive net inflows since investors withdrew more than $32 million from various spot ETFs on December 3, 2025.
SOL and XRP have posted consistent positive flows, in contrast to the mixed flows seen for Bitcoin and Ethereum.
Institutional interest has supported SOL’s price, helping it hold above $140.
On January 13, 2026, Solana traded around $143, rising that day as Bitcoin cleared $93,500.