- Upexi’s current market capitalization is $140.32 million.
- As a result of this transaction, the company’s SOL holdings will increase by 12%, exceeding 2.4 million tokens.
- With SOL trading near $140, Solana is seeing notable ETF inflows.
Upexi, Inc. announced on Tuesday that it has entered into a securities purchase agreement to issue convertible notes worth approximately $36 million to Hivemind Capital Partners, with the notes to be issued in exchange for locked Solana (SOL) tokens.
The deal comes as Nasdaq-listed companies continue to expand their digital asset holdings.
Upexi’s current market capitalization stands at $140.32 million.
Upexi doubles down on Solana
According to the terms disclosed in the press release, the convertible notes carry a 1.0% annual interest rate, payable quarterly, 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 directly to Hivemind Capital Partners through a private placement, without the use of placement agents or underwriters.
Upon closing the transaction, Upexi plans to deploy capital to purchase additional SOL tokens.
If completed, the company’s token holdings would rise to more than 2.4 million SOL.
Upexi CEO Marshall noted that adjusted SOL per share increased 34% in 2025 and called the deal “a great start to building SOL per share for 2026.”
“This transaction strengthens Upexi’s market position in Solana financial markets. If the notes convert into equity, adjusted SOL per share will accrete, and because this is a physical transaction, credit risk is also limited,” said Upexi CEO Alan Marshall.
Solana sees ETF inflows and price gains
The announcement comes as the Solana ecosystem regains momentum, with spot Solana exchange-traded funds (ETFs) attracting continued institutional capital and supporting SOL prices above $140.
As of January 12, total inflows into SOL ETFs reached $10.67 million, and SoSoValue reported that net inflows have surpassed $827 million, with net assets exceeding $1.14 billion.
Solana has recorded consecutive net inflows since investors withdrew more than $32 million from multiple spot ETFs on December 3, 2025.
SOL and XRP have consistently posted positive flows, in contrast to mixed flows for Bitcoin and Ethereum.
This institutional demand has underpinned SOL’s price, which has shown resilience and rebounded above $140.
On January 13, 2026, Solana traded around $143 while Bitcoin rose to approximately $93,500 that day.