Upexi inks $36M deal with Hivemind Capital to boost Solana holdings
Key Takeaways
Solana-focused treasury firm Upexi has entered into a securities purchase agreement with Hivemind Capital Partners to issue a $36 million convertible note backed by locked Solana tokens.
Upon closing, the transaction is expected to increase Upexi’s Solana treasury to more than 2.4 million SOL, which would make the company the second-largest corporate holder of SOL, trailing only Forward Industries with 6.9 million units.
“Upexi increased adjusted SOL per share by 34% in 2025, and completing a transaction above both market and fully-loaded NAV is a great start to building SOL per share in 2026,” said Allan Marshall, CEO of Upexi.
According to Marshall, the transaction will enhance Upexi’s market position in the Solana treasury space and have limited credit risk given its in-kind nature.
Matt Zhang, Founder and Managing Partner of Hivemind, expressed confidence in the partnership.
“We believe in Upexi’s differentiated strategy, capital markets expertise, and demonstrated ability to create long-term value through disciplined execution,” Zhang stated.
Zhang noted that the transaction aligns with Hivemind’s conviction in Solana as a core digital asset and in Upexi as a leading public-market vehicle to gain exposure to it.
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