Investor Presentation

A Consumer Brand Owner

Adopting a Solana Treasury Strategy

• Brand owner specializing in the development, manufacturing, and distribution of consumer products

• Leverages proprietary data, technology platform, and logistics expertise to accelerate growth, reduce costs

  
  
  

• Publicly-listed on Nasdaq, generates ~$10-15 million in annual revenue, with ~20% through Amazon

LuckyTail

Innovative pet care product brand

Cure Mushrooms

Medicinal mushroom products for better health

Prax

Paraxanthine products for sustainable energy

Feb 6, 2025: Expands into Crypto

Reveals intention to pursue crypto & fintech opportunities

Apr 21, 2025: Raises $100 Million

Announces $100m private placement for Solana treasury

May 6, 2025: Begins Staking

Stakes SOL and begins to earn ~8% yield on treasury

May 12, 2025: Purchases Locked SOL

Announced $44m purchase of discounted locked SOL

July 11, 2025: Announces $200m Raise

$200m in kind convertible note & equity private placement

Jan 13, 2026: Announces 2.4m SOL Tokens

Additional equity and in kind convertible placements

Increasing SOL per Share

• Upexi utilizes accretive capital issuance, staking, and discounted locked Solana purchases to increase Solana per share

• Upexi increased adjusted SOL per share by 35% in 2025 vs. +3% an investor could have gotten by themselves from staking alone

• Upexi investors therefore have 32

p.p. more SOL by buying UPXI versus native SOL or an ETF This is the key reason to own a

treasury company!

Historical Efforts

Shareholder Benefits

• Companies are increasingly adding digital assets to their treasuries to maintain purchasing power and benefit from potential appreciation

• Some companies are issuing capital, mainly using equity and convertible debt, to buy more digital assets

  
  
  

• Efforts mostly center around Bitcoin, but are expanding to other digital assets due partly to a more open SEC

• May act as a proxy to the assets held in the form of a familiar equity security, increasing confidence, access

• Often trade with beta to the underlying digital asset, a positive when the asset generally increases over time

• Are more than just a play on the digital asset, given accretive capital issuance for the benefit of shareholders

Example Companies

Triple Action

If the digital asset rises, investors may get all of:

+ +

The treasury The premium More capital company stock to book value issuance increases

rises with the asset expands accretion

Maximize External Visibility

Issue Capital Intelligently

Upexi is maximizing visibility and demand for the stock

Overall Efforts

• Extensive public relations campaign

• Regular investor presentations

• Active Upexi Advisory Committee

• Website refresh

• Quarterly earnings calls, investor days, etc.

  Traditional Finance

• Equity research coverage

• Institutional equity conferences

• Investor meetings, non-deal roadshows, webinars

  The Cryptosphere

• Active, crypto-native X (fka Twitter)

• Media blitz (podcast, panels, news features, etc)

• Additional partnerships & opportunities

Deep connections in finance & crypto enable rapid execution and high visibility

Upexi will accretively issue capital to maximize value

Overall Efforts

• Will look to issue equity and debt in an accretive and risk-prudent fashion to maximize shareholder value

• Strong relationships with top underwriters & investors

• Strong capital issuance expertise and playbook

• S-3 Shelf Registration effective as of early 2026

• In place $50 million Share Repurchase Program

  Equity Issuance

• Via private placement, registered offering, or ATM

• Successfully raised ~$167m of accretive equity

  Debt Issuance

• Will look to issue convertible debt, focusing on in kind issuance, limiting credit risk for investors and Upexi

• Target prudent leverage for safe, upside exposure

Targeting additional large-scale, accretive issuance of both equity and debt to benefit shareholders

Discounted Locked SOL

• Upexi can buy locked SOL at ~10-15% discount

• Aligns to HODL strategy

• Discount moves to par over time (often monthly unlocks through Jan '28)

• Discount nearly doubles effective staking yield

Spot/Locked Composition

Spot Locked

61% 39%

The discount creates built-in gains for shareholders

Intelligent Issuance

• Upexi monetizes smart capital markets issuance

• Convertible debt gives attractive cost of capital and delayed dilution

• Common equity gives issuance at a premium and higher SOL per share

Issuance Model

Issuing equity above book is by definition accretive

SOL Staking

Change in SOL Price

• Upexi stakes SOL to earn an estimated 6-8% yield

• As a proof-of-stake network, validators or delegators may stake their SOL to secure the network in exchange for staking rewards

• Extremely high potential with SOL ~31% of its ATH, market cap 4% of BTC's

• Many positive catalysts

like regulatory clarity, institutional adoption, finance moving onchain, and rising activity

Staking Yield

SOL Price

Staking turns the treasury into a productive asset

Enormous potential as the leading blockchain

MACRO CHARACTERISTICS OF HIGH mNAV

POTENTIAL MULTIPLE EXPANSION

SMALLER

COMPANIES

Similarly-sized, similarly-priced raises will be more accretive for smaller treasury companies, which can lead to a built-in growth premium for smaller treasury companies

• Treasury companies tend to trade at discounts during bear markets and premiums during bull markets

• Should digital asset prices rise, treasury companies may

benefit not only from a rising value of their treasuries, but also from multiple expansion

MSTR mNAV vs. BTC Price

Correl = 65%

Provided one is confident the token will perform well over the

SMALLER medium-term, smaller tokens

TOKENS have more potential upside, all

else equal, which can also lead to an embedded growth premium

MORE VALUE CREATION MECHANISMS

Multiple valuation creation mechanisms (like accretive issuance, high staking yields, and discounted locked token purchases), create shareholder value and may buttress valuation

Description

Internet Capital Markets Focus Areas

• Solana is the first second-generation smart contract blockchain, uniquely offering best-in-class technology, high usage / distribution, and a strong track record

• Stated goal is to move global finance onchain, and to synchronize information at the speed of light

• While anything can be built on Solana, it is purpose-built to reimagine our antiquated financial rails

• Solana is leading on most key blockchain metrics

Stablecoins

Stablecoins enable near-instant and near-free payments with use cases across remittances, micropayments, commerce, & more

Tokenization

With a TAM of all the world's assets, tokenization moves assets onchain for improved settlement, costs, and transparency

AI Agents

Software will begin to autonomously perform economic tasks via AI agents, who need permissionless, credibly neutral rails

The Internet Capital Markets Opportunity

Institutions Building on Solana

• Traditional finance utilizes antiquated infrastructure built 50+ years ago like ACH and credit card networks

• Even fintech is a front-end wrapper on this old tech

• We can utilize internet and blockchain-based rails to

  reimagine this antiquated infrastructure

• This leads to enormous speed and cost benefits, as well as transparency, composability, and capital access

• This transition is inevitable and is underway via Solana

Solana Treasury Overview

Treasury Growth Over Time (SOL, m)

• Approximately 2.4 million SOL, valued at $203 million

• 39% of SOL are locked, much of which was purchased at a mid-teens discount and moves to par over time

• Diversify SOL across qualified custodians, top validators

• Prudent management with no restaking, onchain degen activity, targeted low credit-risk leverage

• Expect to continue to acquire and HODL Solana in a

risk-prudent and accretive fashion

Staking Overview

Treasury Composition

• Upexi delegates its SOL to validators to help secure the network and receives SOL staking rewards in return

• Native staking is considered extremely secure

• Nearly all of Upexi's Solana is currently staked

• Staking yields have been consistent around 6-8%

• Buying discounted locked SOL effectively doubles the yield with the discount in yield-equivalent terms

• Upexi's rewards are currently ~155,000 SOL per year

Spot SOL 61% Locked SOL 39%

Adjusted SOL per Share

Valuation Metrics

+35%

Credit-Risk Leverage

4Q25 Average Daily Volume, $m

Novel Uses & Benefits

Blockchain and crypto will be ubiquitous as it enables use cases and benefits not attainable with any other technology. These include

Removal of Intermediaries

• Enables trust between unknown parties without a profit-maximizing leader to reduce costs

  Democratization of Value Exchange

• Utilize internet and blockchain-based rails to replace antiquated and inefficient incumbent rails

  New Constructs Around Ownership, Governance, Business Models, etc.

• These include non-fungible tokens, decentralized autonomous organizations, incentivization, etc.

Secular Expansion

Prices will ebb and flow given the nascency of the technology, but underlying fundamentals are strong and in secular expansion

Global Crypto Users, m

Solana Daily Transactions, m

Active Experienced Devs, k

The Mother of All Catalysts

Corporates are set to dive in on US crypto legislation and reg clarity

• Corporates only dabbling given unclear rules and high legal risks

• They will be forced to jump in once the rules are clear, otherwise they will lose to peers who do

• Corporations have:

  • Billions of customers & top trust

  • Abundant capital

  • Top developer talent

• We expect a step-change in development and usage post legislation, potentially leading to the biggest bull market ever

• Stablecoin legislation passed in 2025, and we may see market structure legislation pass in 2026

The End Game-Winning Blockchain

Leading All Other Blockchains

Bitcoin is the best monetary asset. Solana is the best

high performance blockchain. It's that simple

Best Best

Money Performance

Solana is leading all other blockchains in key metrics

Daily Users, m Daily Transactions, b

Fees, $m App Revenue, 30d, $m

Top Price Potential

• Solana has very high upside, both given a Market Cap

  market cap only 5% that of Bitcoin's and as the TAM represents all of the world's compute (with a focus on finance)

• Solana has various positive catalysts including regulatory clarity, institutional adoption, rising activity & development, the return of memecoins, and more