Upexi Inc., a Solana digital asset treasury company, reported a net loss of $109.3 million in Q1 2026, a stark increase from the $3.8 million loss in the same period last year. Despite a revenue increase to $4.6 million from $3.2 million, the losses were primarily driven by $92.3 million in unrealized losses on digital assets due to fair value adjustments. The company's strategy involved increasing its Solana holdings by 9% and buying back 2.5 million shares. However, the declining price of Solana, which fell from $124 to $81 in Q1 2026, significantly impacted Upexi's financial performance. Upexi's stock also reflected this downturn, dropping over 17% year-to-date, though it saw a slight recovery to $1.39 recently.