- Upexi currently has a market capitalization of $140.32 million.
- The transaction will help the company increase its SOL holdings by 12% to more than 2.4 million tokens.
- Solana has seen notable ETF inflows as the SOL price trades 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 to be issued in exchange for locked Solana (SOL) tokens.
The transaction comes as the Nasdaq-listed company continues to expand its digital-asset treasury.
Upexi currently carries a market value of $140.32 million.
Upexi increases its focus on Solana
According to 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 term.
The SOL tokens provided as consideration will be used as collateral for the note.
The securities were issued through a private placement directly to Hivemind Capital Partners, with no placement agent or underwriter involved.
Upon closing, Upexi intends to use the proceeds to buy additional SOL tokens.
If completed, the company’s treasury holding of the token will rise to more than 2.4 million SOL.
Upexi’s CEO, Allan Marshall, said the company recorded a 34% increase in adjusted SOL per share in 2025 and added that the deal represents “a good start to building SOL per share in 2026.”
“This transaction improves Upexi’s market position in the Solana treasury space, is accretive to our adjusted Solana per share if the note converts into equity, and carries limited credit risk given the nature of the transaction,” said Upexi’s Chief Executive Allan Marshall.
Solana sees ETF inflows and price gains
The announcement follows renewed strength across the Solana ecosystem, with SOL rising above $140 as spot Solana exchange-traded funds (ETFs) continue to attract steady institutional capital inflows.
On January 12, SOL ETFs recorded total inflows of $10.67 million, while SoSoValue reported cumulative net inflows above $827 million and net assets exceeding $1.14 billion.
Solana has experienced consistent net inflows since investors withdrew more than $32 million from various spot ETFs on December 3, 2025.
SOL and XRP have shown steady positive flows, contrasting with the mixed flows observed 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, the same day Bitcoin broke above $93,500.