Upexi, a Nasdaq-listed crypto treasury firm with a strong focus on Solana, has filed a shelf registration with the US Securities and Exchange Commission that allows it to raise up to $1 billion through future securities offerings. The filing gives the company flexibility to access capital markets over time by issuing common stock, preferred shares, debt instruments, warrants, or combined units, depending on market conditions.
The move comes at a challenging time for Upexi, as its share price has been under heavy pressure. The stock fell nearly 7% to around $1.85 in the latest session and is down more than 50% year-to-date. During the same period, Solana has also struggled, posting a decline of roughly 34%, reflecting broader weakness across the crypto market.
Upexi is based in Tampa, Florida, and operates a portfolio of consumer-focused brands, including Cure Mushrooms medicinal products and Lucky Tail pet care. Alongside these businesses, the company has built a significant crypto treasury strategy centered on Solana. It currently holds more than 2 million SOL tokens on its balance sheet, valued at approximately $248 million, making it the fourth-largest Solana treasury among publicly listed companies.
According to the filing, proceeds from any future securities sales could be used for a range of general corporate purposes. These include working capital, research and development, potential acquisitions, and debt repayment. While the registration does not mean an immediate capital raise, it provides Upexi with optionality to move quickly if market conditions improve or if funding becomes necessary.
The shelf registration highlights the growing intersection between traditional public companies and crypto-focused treasury strategies. At the same time, it also underscores the risks involved. With both Upexi’s share price and Solana under pressure this year, raising capital through equity or debt could be dilutive or costly if executed during unfavorable market conditions.
Overall, Upexi’s filing signals preparation rather than urgency. The company is positioning itself to maintain financial flexibility while continuing to align its balance sheet with Solana exposure. Whether investors view this as a prudent strategic move or a defensive response to declining valuations will likely depend on broader market recovery and the future performance of Solana itself.