Upexi Boosts Solana Treasury After $36M Note Deal With Hivemind Capital

Upexi, a Nasdaq-listed Solana-focused digital asset treasury company, announced on Monday that it has entered into a $36 million convertible note agreement with Hivemind Capital Partners. The deal, structured as a private placement, is expected to close on or about January 14, 2026. The note is collateralized by locked Solana (SOL) tokens, a mechanism that aligns with Upexi's strategy of disciplined and accretive Solana accumulation.

The convertible note carries an annual interest rate of 1.0%, payable quarterly, and has a 24-month maturity. The fixed conversion price is set at $2.39 per share, above the prior close of $2.12 at the time of signing. Upon conversion, the transaction is expected to increase Upexi's Solana treasury holdings by 12%, pushing the total to over 2.4 million SOL.

Allan Marshall, CEO of Upexi, stated that the deal builds on the company's 34% adjusted SOL per share increase in 2025 and sets the stage for further growth in 2026. The deal is also expected to enhance Upexi's position in the Solana treasury space and provide limited credit risk due to the in-kind nature of the transaction.

Why Did This Happen?

Upexi has been actively expanding its Solana holdings as part of a broader high-yield treasury strategy to enhance returns from its digital asset portfolio. According to reports, the company reported an increase in its Solana holdings to 2.17 million SOL as of January 5, 2026, a 3.2% rise from October 2025. The convertible note with Hivemind provides a structured way to expand its holdings without relying solely on market purchases, which can be volatile.

The deal also aligns with Upexi's broader capital management approach, which includes staking, intelligent capital issuance and discounted token purchases. By using a convertible note backed by locked SOL, Upexi is able to secure financing while retaining upside potential in the event of a favorable share price movement.

How Did Markets React?

Upexi's shares traded mixed in the immediate aftermath of the announcement. Before the market closed on Monday, shares fell 5.7%, but rebounded 1.4% in after-hours trading. At the time of reporting, Upexi was trading near $2.15, up about 28% year-to-date. The company is still well below its all-time high of $187.40 from June 2021.

Solana's price was also affected by broader market conditions. As of the time of writing, Solana was trading near $136.70, down about 1.5% on the day. Over the past 12 months, Solana has declined around 30%, with most of the drop occurring between late October and early January 2025. Upexi's announcement may have provided some support to market sentiment for the token, given the company's significant holdings and its position as the second-largest corporate holder of Solana, behind Forward Industries.

What Are Analysts Watching Next?

Analysts are closely monitoring how the broader corporate adoption of cryptocurrency will evolve in 2026. According to analysis, Upexi's move is one of several indicators that publicly traded companies are increasingly treating digital assets as part of their core treasury strategy. The company's use of a convertible note backed by digital assets reflects a growing trend of institutional investors and companies exploring structured financing options to scale their digital holdings.

The market will also be watching whether Upexi's high-yield treasury strategy, which includes both Solana accumulation and share buybacks, will drive long-term value creation. The company repurchased 416,226 shares at an average price of $1.92 per share in early January, and its CEO, Allan Marshall, also bought 200,000 shares in December. These actions suggest confidence in both the company's stock and its digital asset strategy.

Regulatory compliance and transparency are also key concerns for publicly traded companies holding digital assets. Upexi has demonstrated its attention to these issues by providing detailed disclosures in its SEC filings and using institutional-grade custody solutions for its Solana holdings. The company's approach to compliance may serve as a model for other firms looking to incorporate digital assets into their corporate treasury structures.

As Upexi moves forward with its expanded Solana holdings and new financing strategy, investors will be watching how the company balances risk management with growth objectives. The market is currently in a period of consolidation, and Upexi's actions may influence how other firms navigate the evolving digital asset landscape.