- Upexi currently has a market capitalization of $140.32 million
- This transaction will increase the company’s SOL holdings by 12%, bringing them to more than 2.4 million tokens
- Solana has seen notable ETF inflows as SOL trades near $140
Upexi, Inc. announced on Tuesday that it entered into a securities purchase agreement with Hivemind Capital Partners for convertible notes totaling 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 capitalization of $140.32 million.
Upexi Increases Focus on Solana
According to the terms outlined in the press release, the convertible notes will bear interest at 1.0% payable quarterly, carry a fixed conversion price of $2.39 per share, and mature in 24 months.
The SOL tokens provided as consideration will be used to collateralize the notes.
The securities are being issued in a direct, private placement to Hivemind Capital Partners without any placement agent or underwriter involved.
Upon closing the deal, Upexi intends to use the proceeds to purchase additional SOL tokens.
If completed, the company’s treasury holdings will rise to more than 2.4 million SOL.
Allan Marshall, Upexi’s CEO, said the company recorded a 34% increase in SOL per share on a pro forma basis in 2025 and described the transaction as “a strong start to building SOL per share in 2026.”
“This transaction strengthens Upexi’s market position in building a Solana treasury by increasing our pro forma Solana per share if the notes convert into equity, while presenting limited credit risk given the structure of the deal,” Allan Marshall, CEO of Upexi, said.
Solana Sees ETF Inflows and Rising Price
The announcement follows renewed strength across the Solana ecosystem, with SOL rising above $140 as Solana spot ETFs continue to attract steady institutional inflows.
On January 12, SOL ETFs recorded total inflows of $10.67 million, with SoSoValue reporting cumulative net inflows exceeding $827 million and total net assets above $1.14 billion.
Solana has experienced consecutive net inflows since investors withdrew more than $32 million from various spot ETFs on December 3, 2025.
SOL and XRP have shown consistent positive flows, in contrast to the mixed flows observed for Bitcoin and Ethereum.
Institutional interest has supported SOL’s price, demonstrating resilience and pushing it back above $140.
On January 13, 2026, Solana was trading around $143, rising that day as Bitcoin surpassed $93,500.