📉 SOL decline drags down financial report | Upexi reports a quarterly loss of $179 million

📅 February 12, according to The Block

Nasdaq-listed Solana 'treasury-like company' Upexi announced its second quarter results.

📊 Key performance data

💰 Revenue doubled year-on-year to $8.1 million

Among them:

🪙 Digital asset business (mainly SOL staking income)

👉 Contributed $5.1 million

👉 First time exceeding traditional consumer brand sector

📉 However, profits were significantly under pressure:

🔻 Net loss $179 million

Among them:

💥 $164.5 million was unrealized fair value loss

(from the decline in SOL holding price)

🏦 Holding situation

📦 As of the end of the quarter:

🔹 Held 2.17 million SOL

🔹 About 95% in staking status

📞 Management's conference call revealed:

👉 Current holdings have increased to approximately 2.4 million SOL

This means——

Upexi has essentially transformed into a 'high-leverage SOL position carrier'.

💧 Liquidity operations

To maintain the capital structure, the company conducted multiple financings:

📌 Issued $36 million convertible bonds (based on locked SOL)

📌 Conducted $7.4 million registered direct offering

📌 End-of-period cash reserves approximately $9.7 million

At the same time:

🔁 The previously announced $50 million stock repurchase plan remains effective

🧠 Market interpretation

These types of companies are essentially similar:

📈 'Listed SOL ETF + leveraged staking strategy'

Advantages:

✔ Can earn cash flow through staking

✔ Asset elasticity is huge in a bull market

Risks:

⚠ SOL decline → Book losses sharply magnified

⚠ High proportion of staking → Liquidity restricted

⚠ Stock prices often fluctuate more violently than spot

📌 Key observation points

🔍 If SOL price rebounds ——

Unrealized losses will quickly be replenished, and the reports will improve significantly.

🔍 If SOL continues to be under pressure ——

The pressure on the balance sheet will continue to amplify.

Such 'treasury coins stocks',

Essentially, are securitizing volatility.

🔥 One-sentence summary:

Upexi is not doing business,

It is 'doing positions'.

When the coin rises, it is the amplifier;

When the coin falls, it is the opposite of the amplifier.$BTC $ETH #非农意外强劲 #美国众议院终止特朗普加拿大关税