Upexi reported a steep fourth-quarter loss as falling crypto prices weighed heavily on its digital asset reserves. The Solana-focused treasury firm posted an approximate $179 million net loss for Q4 2025. Consequently, the decline reflected the sharp pullback in Solana’s market value during the period. However, management signaled no retreat from its core strategy. Instead, executives reinforced their commitment to expanding Solana holdings despite short-term volatility. Treasury Strategy Expands Despite Market Pressure According to the press release , Upexi increased its Solana reserves by 106,000 tokens during the quarter. It ended 2025 holding more than 2 million SOL. Significantly, the company has staked roughly 95% of its holdings to generate yield. At a current market price near $80, those holdings reflect a drawdown of about 57%. Nevertheless, leadership continues to pursue disciplined accumulation. CFO Andrew Norstrud said the company will grow its holdings per share through capital management and staking returns. Additionally, Upexi completed a $36 million Solana-backed convertible note after the quarter closed. It also raised $7.4 million through a registered direct offering. Hence, total cash climbed from $1.6 million to nearly $9.7 million following capital raises. Operationally, revenue reached $8.1 million, more than double last year’s $4 million. Moreover, staking contributed over $5 million of that total. Gross profit rose 126% year over year to $6.7 million. The treasury segment, launched in 2025, drove much of that growth. Besides expanding reserves, Upexi launched a $50 million share repurchase plan and bought back about 416,000 shares. CEO Allan Marshall emphasized long-term conviction. He stated, “Our conviction in the long-term opportunity for Solana and our strategy remains stronger than ever despite the challenging market environment over the last several months dynamics which we view as cyclical, not structural.” SOL Tests Critical Support at $78 Meanwhile, Solana trades near $79 after a recent slide . The token fell 3.77% in 24 hours and nearly 14% over the week. Market capitalization stands above $45 billion with a circulating supply of 570 million SOL. Technically, Solana remains in a clear downtrend since its October peak near $240. It lost the $160 and $120 support zones earlier. Now, attention shifts to the $78 level. According to ALTS GEMS Alert, $SOL sits on a massive floor at $78. Bulls must defend this zone to prevent further downside. Consequently, a breakdown could expose $62 and possibly $50. However, a rebound above $90 and later $120 could restore momentum toward $160.
