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Reading: Largest Solana treasury firm falls under 1X mNAV
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Michigan Post > Blog > Crypto & Web 3 > Largest Solana treasury firm falls under 1X mNAV
Crypto & Web 3

Largest Solana treasury firm falls under 1X mNAV

By Editorial Board Published July 24, 2025 3 Min Read
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Largest Solana treasury firm falls under 1X mNAV

Because the bitcoin (BTC) treasury firm mania has deflated from its Might 12 peak, altcoin treasury shares suffered even worse.

Already, the biggest Solana (SOL) treasury firm has fallen under the sacrosanct 1X multiple-to-net asset worth or “mNAV.” In different phrases, traders are prepared to pay much less for shares of the corporate than the worth of that firm’s SOL holdings.

Upexi, as of publication time, has a market capitalization of $330 million. The corporate holds 1.9 million SOL price over $353 million, valuing it at a tragic, 0.94X mNAV.

For context, Michael Saylor’s market chief of treasury corporations, MicroStrategy, trades at a 1.61x mNAV.

Upexi’s slip is a dramatic retracement of its lofty valuation when the corporate debuted its Solana acquisition plans. On April 21 — the identical week that Tether and Bitfinex ignited crypto treasury mania with the launch of Twenty One — executives first introduced their Solana treasury.

Shares opened for buying and selling at $10.24 — 245% greater than its prior shut — and rapidly rallied as much as $22 intraday.

In greenback phrases, Upexi has given again 67% of that peak worth as of at present.

In mNAV phrases, the losses are even worse: -90%.

Particularly, as of April 21, the world knew that Upexi meant to purchase $94.7 million price of SOL. At $22 per share, Upexi’s market capitalization was $987 million.

On that day, the corporate bought 43,859,649 million further shares on prime of its 1,040,924 shares excellent.

A 90% mNAV drawdown in Solana’s largest treasury inventory

In different phrases, Upexi’s mNAV at its April 21 peak was 10.4X. In the present day, it’s lower than 1X.

Yesterday, Joe McCann, CEO of hedge fund Uneven Monetary, introduced a brand new SOL treasury firm and SPAC deal, Speed up.

McCann intends to merge with clean verify car Gores X Holding and grow to be, if profitable, the biggest SOL treasury firm with as much as $800 million price of funds to purchase SOL.

If that deal consummates, it will exceed Upexi’s present largest SOL treasury of $360 million.

TAGGED:CompanyFallslargestmNAVSolanaTreasury
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