Upexi is making a bold move to expand its Solana treasury through a $36 million private placement deal with Hivemind Capital Partners.
Key Takeaways
- Upexi entered a $36 million private convertible note agreement with Hivemind Capital Partners, backed by locked Solana (SOL).
- The note features a 1.0% interest rate, a fixed $2.39 conversion price, and matures in 24 months.
- Upexi’s Solana treasury is expected to grow by 12% to over 2.4 million SOL upon closing, boosting its standing in the crypto market.
- The deal is structured with limited credit risk due to its in-kind collateral, and could lead to equity conversion if executed.
What Happened?
Upexi, Inc., a Solana-focused digital asset treasury and consumer brands company, has struck a $36 million deal with Hivemind Capital Partners. The financing comes through a private placement of a convertible note collateralized by locked SOL tokens. This move is aimed at increasing Upexi’s crypto holdings and strengthening its position in the digital asset ecosystem.
The note will carry a 1.0% annual interest rate, payable quarterly, and features a conversion price of $2.39 per share. This is above Upexi’s share price at the time of signing, which closed at $2.12. The offering is expected to close around January 14, subject to standard closing conditions.
Today we announced a $36 million in kind convertible note offering with @HivemindCap. The transaction will:
— Upexi (@UpexiTreasury) January 13, 2026
• increase @UpexiTreasury‘s $SOL by 12% to over 2.4 million SOL
• increase adjusted Solana per share upon conversion
Upexi’s Strategic Bet on Solana
Upexi’s agreement with Hivemind is significant in several ways:
- The SOL-backed convertible note boosts Upexi’s Solana holdings by approximately 12 percent, bringing the total treasury to over 2.4 million SOL.
- The fixed conversion price of $2.39 represents a premium to market, reflecting investor confidence and providing a potentially accretive outcome if the note converts into equity.
- There’s limited credit risk to Upexi since the note is backed by locked Solana, meaning the collateral is in-kind rather than cash.
- No placement agent or underwriter was involved, keeping the structure lean and direct.
CEO Allan Marshall emphasized the strategic upside of the transaction, stating:
Investor Confidence in Upexi
Matt Zhang, Founder and Managing Partner of Hivemind, echoed confidence in Upexi’s vision, saying:
The transaction aligns with Hivemind’s belief in Solana as a key digital asset and Upexi’s unique position as a public-market vehicle for Solana exposure.
Market Response and Financial Position
- Upexi shares were trading at $2.23 prior to the announcement, marking a 5.19% increase, though still significantly below its 200-day moving average of $5.95.
- The company has reported a 34% increase in adjusted SOL per share in 2025, indicating strong momentum in its crypto-focused strategy.
- If converted, the note could result in approximately 15.06 million new shares, presenting some dilution risk but offering potential upside for long-term investors.
CoinLaw’s Takeaway
I see this deal as a calculated step by Upexi to reinforce its crypto strategy without putting traditional balance sheet capital at risk. In my experience, using in-kind assets like SOL as collateral while securing financing can create an efficient loop for growth, especially when the collateral itself is part of the business thesis. What stood out to me here is the confidence from Hivemind and the above-market conversion price, which shows clear conviction in Upexi’s trajectory. If you’re watching Solana-aligned public plays, this deal is worth tracking.
