- Upexi currently has a market capitalization of $140.32 million.
- The transaction will help the company increase its SOL holdings by 12%, bringing total holdings to more than 2.4 million tokens.
- Solana has recorded notable ETF inflows as the price of SOL holds around $140.
Upexi, Inc. announced Tuesday that it has entered into a securities purchase agreement with Hivemind Capital Partners for a convertible note valued at approximately $36 million, which will be issued in exchange for locked Solana tokens (SOL).
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 Focuses Further on Solana
According to the terms outlined in the press release, the convertible note carries 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 be used as collateral to secure the note.
The securities were issued through a private placement directly to Hivemind Capital Partners, without the involvement of a placement agent or underwriter.
After closing this transaction, Upexi plans to use the capital to buy more SOL tokens.
If the deal is completed as planned, the company’s token holdings would rise to over 2.4 million SOL.
Upexi CEO Allan Marshall said the company achieved a 34% increase in SOL adjusted per share in 2025 and described the transaction as “an excellent start to building SOL per share in 2026.”
“This transaction enhances Upexi’s market position in the Solana treasury, adds to Solana-adjusted per share if the note converts to shares, and carries limited credit risk given the in-kind nature of the transaction,” 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 exchange-traded funds (ETFs) continue to attract steady institutional capital flows.
On January 12, SOL ETFs recorded total inflows of $10.67 million, with data from SoSoValue showing cumulative net flows exceeding $827 million and assets under management above $1.14 billion.
Solana has seen consecutive net inflows since investors withdrew over $32 million from various spot ETFs on December 3, 2025.
SOL and XRP have experienced consistent positive flows, in contrast to mixed flows for Bitcoin and Ethereum.
This institutional interest has supported SOL’s price, which has demonstrated resilience and climbed above $140.
On January 13, 2026, Solana traded around $143, higher on the day while Bitcoin dipped to $93,500.