Upexi prices $36 million convertible note above market value

Upexi Inc. (NASDAQ: UPXI) announced it has entered into a securities purchase agreement with Hivemind Capital Partners for a convertible note with an aggregate original principal amount of approximately $36 million. The note is collateralized by Solana tokens used as consideration for the purchase.

The convertible note carries a 1.0% interest rate payable quarterly, a fixed conversion price of $2.39 per share, and a 24-month maturity. The conversion price represents a premium to the company's Friday closing price of $2.12 per share at deal signing.

The closing is expected to occur on or about January 14, 2026, subject to customary closing conditions. Upon closing, the Solana tokens underlying the note will join Upexi's treasury, bringing the company's total Solana holdings to over 2.4 million SOL tokens, representing a 12% increase.

The securities were sold in a private placement directly to the institutional investor without the use of a placement agent or underwriter. The offering was structured as a transaction not involving a public offering, and the securities have not been registered under the Securities Act of 1933.

"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," said Allan Marshall, CEO of Upexi.

Matt Zhang, Founder and Managing Partner of Hivemind, stated the transaction aligns with the firm's conviction in Solana as a digital asset and in Upexi as a public-market vehicle for exposure to it.

Upexi describes itself as a digital asset treasury company focused on acquiring and holding Solana tokens, while also operating consumer product brands.

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