Upexi Tokenizes Shares on Solana Blockchain Boosting Treasury by 8%

Nasdaq-listed Upexi has announced a significant move into the crypto capital markets by planning to tokenize its shares on the Solana blockchain. The company revealed on June 26 that it will bring its stock on-chain through Opening Bell, a regulated on-chain equity issuance platform developed by fintech company Superstate. This initiative aims to provide 24/7 trading, real-time settlement, and expanded investor access via crypto-native wallets.

Upexi's CEO, Allan Marshall, expressed the company's strong conviction in Solana and its commitment to expanding shareholder access through transformative on-chain technology. The Opening Bell platform, launched in May 2025, enables compliant programmable equity, unlocking decentralized finance features such as automation, token-based governance, and staking.

Upexi has also deepened its Solana-based treasury strategy. The company disclosed that it now holds 735,692 Solana (SOL), an 8% increase from 679,677 SOL in May. This holding is valued at approximately $105 million at current prices. Upexi began its pivot in April 2025 with a $100 million private placement led by crypto trading firm GSR, making it the largest Solana treasury company. The company aims to accumulate SOL and generate returns through staking and yield strategies.

Upexi's strategic shift has been backed by analysts despite recent volatility in its stock. The company's shares dropped over 60% to below $4 on June 24 after a registration statement allowed the resale of 43.85 million shares, the entire April float. While fears of insider selling surfaced, Marshall clarified that no insider offloading had been confirmed. Cantor Fitzgerald initiated coverage in June with an “overweight” rating and a $16 target, citing Solana’s growing network activity and appeal as a treasury asset over Ethereum (ETH).

Upexi joins a growing cohort of firms adopting Solana-native strategies. DeFi Development Corp., the first U.S.-listed firm to tokenize stock on Solana, partnered with Kraken and Backed to launch its DFDV stock on June 24. The company now holds over 600,000 SOL and runs validator infrastructure, with its liquid staking token dfdvSOL integrated across Solana’s DeFi ecosystem. Meanwhile, Sol Strategies Inc. holds 40,000 SOL and obtained a $500 million convertible note in May from ATW Partners to expand its treasury. The firm is working with Superstate to tokenize its shares via Opening Bell.

Tokenizing shares involves converting traditional equity into digital tokens, which can be traded on blockchain platforms. This process offers several potential benefits, including reduced trading costs, faster settlement times, and the ability to trade around the clock. By tokenizing its shares on Solana, Upexi aims to enhance liquidity and accessibility for its investors. The use of the Solana network, known for its high speed and low transaction costs, aligns with Upexi's goal of providing a seamless and efficient trading experience.

The decision to add 56,000 SOL to its treasury is a strategic move by Upexi to further integrate with the Solana ecosystem. This investment not only supports the company's tokenization efforts but also positions Upexi as a key player in the growing intersection of traditional finance and blockchain technology. The addition of SOL to the treasury reflects Upexi's confidence in the Solana network and its potential to revolutionize the way financial assets are managed and traded.

Upexi's initiative to tokenize its shares on Solana is part of a broader trend in the financial industry, where companies are exploring the use of blockchain technology to enhance their operations. Tokenized equities offer a range of advantages, including increased transparency, improved security, and the potential for new investment opportunities. By leveraging the Solana network, Upexi is at the forefront of this trend, demonstrating its commitment to innovation and technological advancement.

The tokenization of Upexi's shares on Solana is a significant development in the company's strategic direction. It represents a forward-thinking approach to integrating blockchain technology into traditional financial systems. By tokenizing its shares and increasing its holdings of SOL, Upexi is positioning itself as a leader in the evolving landscape of digital finance. This move is expected to attract investors who are interested in the potential of blockchain technology and its applications in the financial sector.