Upexi Doubles Down on Solana: Treasury Expansion & Equity Tokenization Shake-Up

Solana gets another corporate convert as Upexi goes all-in on blockchain-based finance.

Breaking the mold: The e-commerce player just allocated undisclosed millions to its Solana treasury while tokenizing equity—because why bother with old-school shares when you can ride the DeFi wave?

Tokenized equity meets memecoin madness: Upexi's move blurs the line between traditional finance and crypto chaos. Wall Street analysts are either sweating or secretly minting Solana wallets.

Bonus jab: Because nothing says 'financial innovation' like gambling corporate treasury funds on a blockchain that once went down for 18 hours.

Bringing Upexi Stock On-Chain

The decision to tokenize Upexi shares follows its partnership with Opening Bell, a regulated on-chain equity issuance platform created by fintech firm Superstate. This platform enables compliant, blockchain-based equity offerings that come with features like 24/7 trading, instant settlement, and broader investor accessibility through crypto wallets.

Allan Marshall, CEO of Upexi, stated that the company’s step into tokenized equities highlights its long-term confidence in Solana. “Tokenizing Upexi’s shares on Opening Bell reflects our strong conviction in Solana and our commitment to expanding shareholder access through transformative on-chain technology,” Marshall said.

Opening Bell, which debuted in May 2025, offers a unique mix of decentralized finance (DeFi) elements such as programmable governance, staking options, and smart contract automation. By combining these features with equity compliance standards, the platform could redefine how public shares are issued and traded.

Expanding the Solana-Based Treasury

Upexi’s crypto treasury strategy is centered around Solana. Since April 2025, the company has been actively increasing its SOL holdings. It began this pivot with a $100 million private funding round led by GSR, a known name in digital asset trading. That capital infusion has helped Upexi scale its crypto strategy, emphasizing long-term accumulation and yield-generation through staking.

The latest disclosure—a jump from 679,677 SOL in May to 735,692 SOL by late June—represents an 8% increase in just one month. This strategic positioning underscores Upexi’s confidence in Solana as a long-term treasury asset, even amid market fluctuations.

Stock Volatility and Investor Sentiment

Despite the bullish stance on blockchain, Upexi’s stock has experienced significant short-term pressure. On June 24, the stock plummeted by over 60%, falling below $4. The sharp drop followed a registration filing that permitted the resale of 43.85 million shares, equivalent to the total float from April.

This filing led to speculation around possible insider sales, but CEO Allan Marshall clarified that the registration was procedural and that there was no confirmation of insiders selling their holdings. The company has maintained that the filing does not imply any immediate dilution or offloading.

Market analysts appear to share the company’s longer-term vision. Cantor Fitzgerald began coverage of Upexi earlier this month, assigning an “overweight” rating and a price target of $16. The investment firm cited Solana’s growing utility, lower transaction fees, and technical edge over ethereum as key factors in supporting the bullish outlook.

Upexi Among a Wave of Solana-Adopting Firms

Upexi is not alone in exploring Solana’s ecosystem. Several other firms are integrating Solana into their treasury and capital strategies, reflecting a broader shift among traditional companies toward blockchain-native infrastructure.

One such example is DeFi Development Corp., the first U.S.-listed firm to tokenize its stock on Solana. Its DFDV shares were recently made available through partnerships with Kraken and Backed. The firm now holds over 600,000 SOL and has developed validator infrastructure, contributing to the network’s decentralization and liquidity. It has also issued a liquid staking token, dfdvSOL, which is integrated across multiple Solana DeFi platforms.

Sol Strategies Inc. is another player betting heavily on Solana. The firm holds 40,000 SOL and recently secured a $500 million convertible note from ATW Partners. Like Upexi, it is also working with Superstate to bring its shares on-chain through the Opening Bell platform.

The Future of Tokenized Public Equities

The wave of activity surrounding Solana-tied tokenized stocks suggests a growing interest in bridging traditional finance with blockchain. With Upexi leading the charge among Nasdaq-listed firms, the next year could see a significant shift in how equities are traded, held, and distributed.

The appeal is straightforward—around-the-clock trading, faster settlement times, and programmable equity features represent real efficiencies for both issuers and investors. And with platforms like Opening Bell providing the regulatory framework, companies now have a clearer path toward modernizing their capital markets strategy.

As Upexi doubles down on this direction, its hybrid model of public equity and crypto-native treasury strategy might soon become the blueprint for other mid-cap firms looking to enter the next era of capital formation.