Solana financial company Upexi's quarterly performance hits a record high, benefiting from $78 million in unrealized SOL gains

According to The Block, Upexi, a Solana financial company listed on Nasdaq, reported "record" quarterly earnings, with digital asset revenue exceeding $6 million and gross profit of $8.3 million, a year-on-year increase of 183%. Its total revenue for the first fiscal quarter was $9.2 million, compared to $4.4 million in the same period last year, with digital asset revenue (primarily from staking) at $6.1 million. As of the quarter ending September 30, 2024, the company reported a net profit of $66.7 million, or $1.21 per share, compared to a net loss of $1.6 million, or $1.55 per share, in the same period last year, with growth mainly attributed to approximately $78 million in unrealized gains from Solana reserves.

Additionally, after the update last week, Upexi's total holdings of Solana exceeded 2.1 million, making it the second-largest holder of Solana reserves, behind DeFi Development Corp.