Upexi’s treasury already holds about 2.17 million SOL as of early January, and with a new financing deal, total SOL holdings rise to over 2.4 million, placing the company among the largest corporate SOL holders with roughly $240 million in value at current prices.

Upon closing, Upexi’s SOL treasury would exceed 2.4 million tokens, expanding exposure to Solana as part of its broader corporate strategy.

The deal is structured as in-kind and accretive to SOL per share, with limited credit risk due to the SOL collateral.

Solana’s high throughput and low costs, along with an enterprise-focused roadmap and ecosystem upgrades, underpin its appeal to corporations and institutional validators.

The transaction blends traditional corporate financing with crypto, using a convertible note that can convert to equity under certain conditions and is secured by SOL collateral.

This deal signals a broader trend: crypto-collateralized convertible notes are gaining legitimacy among institutions and could drive more structured corporate crypto financing.

Public-company regulatory considerations include ASC 350 accounting, SEC disclosures, governance and custody controls, and tax reporting; Upexi has demonstrated compliance through disclosures and custody arrangements.

The note carries a 1.0% quarterly interest rate, a fixed conversion price of $2.39 per share, a 24-month maturity, and was issued via private placement without an intermediary.

Solana has become a leading corporate treasury option after Bitcoin and Ethereum, with corporate SOL holdings rising around 400% since 2023 and growing institutional custody support.

This deal reflects growing institutional validation of Solana and signals a shift in corporate treasury strategies toward digital assets, with Hivemind structuring the financing.

Upexi plans to use the capital to acquire more SOL tokens, aiming to grow SOL per share through 2026, according to remarks from CEO Allan Marshall.

Upexi announced a convertible note transaction with Hivemind Capital Partners valued at approximately $36 million, backed by locked SOL as collateral.