Solana treasury firm Upexi reported a loss of $179 million, dragged down by falling SOL prices.

PANews reported on February 12th that, according to The Block, Nasdaq-listed Solana treasury company Upexi released its second-quarter financial report, with revenue more than doubling year-over-year to $8.1 million. Digital asset business (primarily from staking revenue) contributed $5.1 million, surpassing the consumer brands segment for the first time. However, due to the decline in SOL prices, the company recorded a net loss of $179 million, including $164.5 million in losses from unrealized fair value adjustments to its crypto holdings.

As of the end of the quarter, Upexi held over 2.17 million SOLs, approximately 95% of which were pledged. Management stated in the earnings call that the holdings have now increased to approximately 2.4 million SOLs. The company replenished its liquidity through a $36 million convertible bond issuance based on locked SOLs and a $7.4 million registered direct offering, resulting in cash reserves of approximately $9.7 million at the end of the period. The previously announced $50 million share repurchase program remains in effect.