Solana Treasuries Keep Expanding: Upexi and BIT Mining Boost Holdings as SOL Nears Record Highs

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Upexi (NASDAQ: UPXI) revealed on Thursday that it added nearly 18,000 SOL tokens, bringing its total stash to over 2 million SOL. At current prices, the company’s Solana reserves are worth more than $456 million. Upexi stock rose more than 5% to $5.76, pushing its market cap to $291 million.

The firm reported acquiring its SOL at an average of $151 per token, which leaves it sitting on an unrealized gain of $142 million. Beyond simple accumulation, Upexi also generates around $105,000 in daily staking rewards, thanks to locking up its SOL tokens.

Meanwhile, BIT Mining (NYSE: BTCM) nearly doubled its holdings after buying 17,221 SOL, bringing its total balance to 44,000 SOL — worth roughly $9.9 million. Shares of BTCM jumped more than 6% to $2.94, giving the company a market cap of $48 million.

BIT Mining, soon to be renamed SOLAI Limited, is running its own validators on the Solana network. COO Bo Yu said the company’s expanded position will “strengthen our role in the ecosystem” while continuing to secure and support the Solana blockchain.

The Rise of Digital Asset Treasuries (DATs)

Both Upexi and BIT Mining are part of a growing trend of digital asset treasuries (DATs) — companies that raise capital via equity or debt and use those funds to purchase crypto. According to PRIME’s data, Solana-focused treasuries collectively hold at least 4.67 million SOL.

Like mutual funds or ETFs, DATs often calculate a net asset value (NAV) per share. Upexi even introduced a new metric called “adjusted SOL per share”, which factors in token purchases at a discount, staking rewards, and capital raises. That figure now stands at $4.37 per share, up 126% since its private equity round in April.

Arthur Hayes Joins Upexi as Advisor

In a notable move, BitMEX co-founder Arthur Hayes joined Upexi as its first outside advisor. Shareholders also approved an increase in the number of shares available for issuance, further strengthening Upexi’s capital flexibility.

SOL Price Pushes Toward All-Time Highs

Currently trading at $226, Solana is up 1.2% on the day and inching closer to its all-time high above $293. With growing treasury adoption and staking incentives, Solana is increasingly seen as a cornerstone asset in the crypto ecosystem.