Upexi (UPXI) Investor presentation summary

Business overview and strategy

• Specializes in developing, manufacturing, and distributing consumer products, generating $15–20 million in annual revenue, with about 20% through Amazon.

• Pivoted to a Solana-focused crypto treasury strategy, raising $100 million and later $200 million to acquire and stake SOL.

• Acquired 2,000,518 SOL valued at $405 million, with 57% purchased as locked SOL at a discount, and nearly all staked for 7–9% yield.

• Supported by top crypto VCs and maintains strong relationships with Solana-focused organizations.

• Employs seasoned executives with expertise in M&A, capital markets, and crypto.

Solana treasury model and innovations

• First large-scale PIPE for an altcoin treasury, pioneering in-kind convertible note issuance to reduce credit risk.

• Buys locked SOL at a ~15% discount, effectively doubling staking yield and compounding value for shareholders.

• Issues equity and convertible debt above book value, making capital raises accretive and increasing SOL per share.

• Trades at a premium to fully-loaded mNAV (1.8x as of September 2025), with a strategy to only issue equity above 1.0x NAV.

• Delivers returns on capital raises that have outperformed SOL price appreciation.

Market positioning and value proposition

• Provides crypto exposure via a familiar equity security, unlocking value through capital markets strategies.

• Improves on MicroStrategy’s playbook with innovations like discounted locked SOL purchases and staking.

• Maximizes visibility through PR, investor outreach, and deep connections in both traditional finance and crypto.

• Maintains a clean capital stack, low leverage, and risk management best practices.

• Among the first US-listed Solana treasury companies, with a small, nearly breakeven operating company.