Business
Upexi Announces Pricing of $36 Million Private Placement of Convertible Note Priced Above the Market
Transaction to Increase Solana Treasury by 12% to over 2.4 million SOL Offering is Accretive to Adjusted Solana per Share upon Conversion TAMPA, Fla., Jan.
About this update from Upexi, Inc.
[{"type":"text","content":"Transaction to Increase Solana Treasury by 12% to over 2.4 million SOL Offering is Accretive to Adjusted Solana per Share upon Conversion TAMPA, Fla., Jan. 13, 2026 (GLOBE NEWSWIRE) -- Upexi, Inc. (NASDAQ: UPXI), a leading Solana-focused digital asset treasury company and consumer brands owner, today announced that it has entered into a securities purchase agreement with Hivemind Capital Partners for the purchase of a Convertible Note in exchange for locked Solana with an aggregate original principal amount of approximately $36 million (the “Note”). The Note is collateralized by the SOL used as consideration to purchase the Note. It has an interest rate of 1.0% payable on a quarterly basis, a fixed conversion price of $2.39 per share (compared to Friday’s close of $2.12 at deal signing), and maturity of 24 months. The closing of the Note offering is expected to occur on or about January 14, 2026, subject to the satisfaction of customary closing conditions. The SOL underlying the Note will become part of the Company’s Solana treasury upon closing, at which point the Company expects to have over 2.4 million SOL in its treasury. The securities were sold in a private placement directly to the institutional investor, and no placement agent or underwriter was engaged in connection with the offering. “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,” stated Allan Marshall, CEO of Upexi. “This transaction improves Upexi’s market position in the Solana treasury space, is accretive to our adjusted Solana per share should the Note convert to equity, and has limited credit risk given the in-kind nature of the transaction.” Matt Zhang, Founder and Managing Partner of Hivemind, stated, \"We believe in Upexi’s differentiated strategy, capital markets expertise, and demonstrated ability to create long-term value through disciplined execution. This transaction aligns with our conviction in Solana as a core digital asset and in Upexi as a leading public-market vehicle to gain exposure to it. We are thrilled to support Upexi’s growth and look forward to deepening our partnership with the Company.” The offer and sale of the foregoing securities is being made in a transaction not involving a public offering, and the securitie...