25.3B
Q1 2026 transactions
vs 200M on Ethereum
vs 200M on Ethereum
Upexi, Inc. (NASDAQ: UPXI) holds 2.17 million SOL — substantially all of it actively staked, earning 7 to 9 percent annually, paid continuously, reinvested automatically. The asset has just gone through a 71 percent drawdown. So has the stock. The same setup produced a 48 percent rally in MicroStrategy in three weeks earlier this month.
SOL is down 71% from its January 2025 peak. UPXI is down further. That is exactly how this structure behaves on the way down — and it is exactly how MicroStrategy looked before its 48 percent rally in three weeks off a 74 percent drawdown earlier this month. The structure amplifies the underlying in both directions. The drawdown is what creates the entry, not what invalidates it.
In the last two quarters: Western Union picked Solana for its USDPT stablecoin. Bank of America began settling USDC natively on Solana. JPMorgan, BlackRock BUIDL, State Street, SoFi, Goldman Sachs — all deployed during the drawdown, after months of due diligence. Spot Solana ETFs have pulled in $1.45 billion in net inflows while SOL fell. Capital is validating this thesis at the bottom of the price chart.
In January, Upexi authorized a $50 million share repurchase program. Management is buying back equity at levels they have publicly stated they view as below the per-share value of the treasury itself. That is a now-or-soon dynamic — every share retired at current prices compounds remaining SOL-per-share for the holders who stay.
Treasury holdings, staking activity, the $50M buyback authorization, SEC disclosures — directly from the company.
View Upexi Investor Profile → Sponsored content · Not investment adviceYou have the thesis above. What follows is the data behind it — for verification, not persuasion.
If the treasury thesis requires the underlying to be right, the underlying has to be doing real commercial work. Solana is.
The current crypto cycle is being driven by something more boring and more durable than the last one: actual on-chain commercial activity. Real payments. Real settlement. Real revenue. On every measurable metric of network demand, Solana has either pulled ahead of Ethereum or is on track to do so.
These are revenue and settlement numbers, not narrative numbers. They show up regardless of price action — and they are what convinces regulated institutions to route real dollars through the chain. Capital sits on Ethereum. Capital moves on Solana.
If Solana is the right asset, the question is which public vehicle. The numbers say something the conventional wisdom doesn't.
| Metric | Forward (FWDI) | DeFi Dev (DFDV) | Upexi (UPXI) |
|---|---|---|---|
| SOL holdings | ~7.01M | ~2.22M | ~2.17M |
| Avg cost basis | $232 | $159 | ~15% below spot (locked) |
| Drawdown on cost | ~63% underwater | ~46% underwater | Mitigated by discount |
| Native staking yield | 6.5–7.2% | 6–7% | 7–9% |
| Capital return | Buyback announced Mar 2026 | Reinvestment-focused | $50M buyback authorized |
| Strategic profile | Largest, deepest underwater | Mid-scale DeFi integration | Best entry, smallest cap, highest beta |
Forward Industries is the largest by SOL count, and the most underwater. DeFi Dev sits in the middle. Upexi is the smallest, but it has the best effective entry price and the highest yield. For an investor making a single allocation to the SOL treasury thesis, the question is not which company holds the most SOL — it is which company has the best dollar-for-dollar exposure to the recovery all three are betting on.
Official investor materials, SEC filings, treasury disclosures, and the latest quarterly update — direct from the company.
View Upexi Investor Profile → Sponsored content · Not investment advice · NASDAQ: UPXIJust so you know, what you're reading is curated content for which we have received a monetary fee (detailed below) in the PAST to create and distribute. Investing can be quite the roller coaster as stock prices can have wild swings up and down, so consider those crucial risks before you ever consider trading anything we discuss. Make sure you check out our full disclosure below for the details on how we were paid, the risks, and why these results aren't what you'd call "typical."
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