Upexi's January 30 8-K filing revealed quantitative Solana holdings for the first time: ">2M SOL currently held." Cross-referencing the company's Q1 FY2026 10-Q (filed November 12, 2025) confirms the company holds 2,066,827 SOL as of September 30, 2025, with a fair value of $400.8 million and a cost basis of $210.7 million (average entry price ≈$163/SOL).

The holdings consist of 1,019,605 liquid SOL and 1,047,222 locked tokens, with 95% staked and generating yield. The company earned 31,347 SOL from staking in Q1 FY2026, representing a 1.5% quarterly yield on the position.

At current SOL prices of $117.68, the holdings are valued at approximately $243 million—more than double Upexi's $100 million market capitalization. This represents a 59% discount to net asset value from the Solana position alone, excluding the company's consumer products business entirely.

The company's cost basis is underwater: the average entry of $163/SOL compares to today's $117.68, marking a 28% unrealized loss. However, management has demonstrated conviction through insider purchases: the CEO acquired $400,000 worth of stock in December 2025, and a director purchased $673,000 in November 2025.

The 10-Q filing discloses a three-part accumulation strategy: equity raises to fund SOL purchases, staking rewards that compound holdings, and direct purchases of locked tokens at discounts. The company has 1 billion authorized shares, creating potential dilution overhang to fund future acquisitions.

Upexi's February 10 earnings call will provide the first update on Q2 accumulation activity, staking yields, and current SOL holdings. This represents the next inflection point for verifying whether the company has continued its treasury strategy despite SOL's 51% decline year-to-date.

The filing represents the first public quantitative disclosure of the company's pivot to a Solana treasury model, comparable to MicroStrategy's Bitcoin accumulation strategy but targeting a different cryptocurrency with higher yield characteristics.