Upexi shares fall 8% after $109M loss driven by Solana crypto decline, despite 46% revenue growth.

Upexi reported a $109 million net loss in Q3 mainly due to a $92.3 million unrealized loss on its Solana holdings, causing shares to drop over 8%. Despite this, revenue rose 46% year-over-year to $4.6 million, boosted by staking income. The company holds about 2.5 million Solana tokens worth over $238 million, making it a top corporate Solana holder. Upexi is pursuing share buybacks and capital raises to strengthen its position amid a challenging crypto market, aiming to build a Solana-focused treasury strategy.