Upexi, Inc. entered into a securities purchase agreement with Hivemind Capital Partners for a $36 million convertible note that will be collateralized by locked Solana (SOL) added to the company’s treasury. The transaction is expected to close on or about January 14, 2026, and will increase Upexi’s Solana holdings to more than 2.4 million SOL, positioning the company as the second‑largest corporate holder of the token after Forward Industries.
The note carries a 1.0 % quarterly interest rate, a fixed conversion price of $2.39 per share, and a 24‑month maturity. Because the collateral is in‑kind SOL, the deal is considered low‑credit‑risk and accretive to Upexi’s adjusted Solana per share if the note converts to equity. The conversion price is above the company’s recent share price, giving investors upside potential while preserving Upexi’s balance‑sheet strength.
Upexi’s management said the capital raise supports its “risk‑adjusted high‑yield” strategy for 2026, which focuses on staking and discounted token purchases to generate higher returns from its Solana holdings. The additional SOL also underpins the company’s consumer‑brand portfolio, providing liquidity for product development and marketing initiatives. CEO Allan Marshall noted that the transaction “improves Upexi’s market position in the Solana treasury space, is accretive to our adjusted Solana per share should the Note convert to equity, and has limited credit risk given the in‑kind nature of the transaction.”
The market reaction was positive, reflecting confidence in the company’s expansion of its Solana treasury and the accretive nature of the deal. Investors view the transaction as a strategic move that strengthens Upexi’s core digital‑asset business while supporting growth in its consumer‑brand segment.
For investors, the convertible note adds liquidity without immediate dilution, preserves capital for future opportunities, and signals management’s confidence in the long‑term value of Solana holdings. The transaction also demonstrates Upexi’s ability to secure favorable financing terms in a compressed valuation environment for digital‑asset treasury firms.
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