Upexi released its Q1 earnings report: a net loss of $109 million due to write-downs of cryptocurrency assets.

According to Mars Finance, Solana treasury company Upexi reported a net loss of $109.3 million as of March 31, 2026, a significant increase from the $3.8 million net loss in the same period of 2025. While total revenue for the quarter reached $4.6 million, up from $3.2 million in the same period last year, the loss per share was primarily due to a $92.3 million unrealized book loss on digital assets. Upexi stated that as of the end of March, it held 2.36 million SOL tokens with a fair value of approximately $184.9 million, and staking income of $3.5 million. Furthermore, the company completed a $36 million convertible bond private placement, exchanging 265,500 locked SOL tokens.