Upexi, a Solana treasury company, reported a net loss of $109.3 million for Q1 2026, a significant increase from the $3.8 million loss in the same period last year. The loss was primarily driven by a $92.3 million unrealized impairment on digital assets, resulting in a loss of $1.67 per share. Despite this, Upexi's revenue rose to $4.6 million, up from $3.2 million in Q1 2025. As of March 31, Upexi held 2.36 million SOL valued at approximately $184.9 million and earned $3.5 million from staking. The company also completed a $36 million private placement of convertible notes, receiving 265,500 locked SOL tokens in exchange.