Shares in Upexi fell sharply following a new regulatory filing.
The stock closed Tuesday down roughly seven and a half percent.
The decline followed a $1 billion shelf registration filing.
Upexi submitted the registration to the Securities and Exchange Commission.
The filing allows the company to raise capital over time.
Potential instruments include common stock preferred shares and debt.
Warrants and unit offerings were also included in the filing.
Upexi said proceeds would be used for general corporate purposes.
The company’s core strategy centres on accumulating solana tokens.
Upexi primarily stakes solana to earn additional rewards.
Investors interpreted the filing as signalling future solana purchases.
The move came after more than five months without new acquisitions.
Upexi currently holds approximately two point one million solana.
Those holdings are valued at about two hundred sixty two million dollars.
Data ranks Upexi as the fourth largest corporate solana holder.
The company pivoted from consumer products earlier this year.
Its strategic shift toward crypto occurred in late April.
Solana treasury strategies gained traction during early 2025.
Activity slowed during the second half of the year.
Broader crypto market weakness reduced investor appetite.
Confidence in treasury accumulation strategies has waned.
Upexi last purchased solana in late July.
Since then the value of its holdings has declined sharply.
The stash peaked near five hundred twenty five million dollars.
Current valuations reflect the wider solana price pullback.
Solana remains significantly below its January record high.
The token has lost more than half its peak value.
After hours trading offered a brief reprieve for Upexi shares.
The stock recovered modestly following the market close.
Despite the bounce losses remained substantial for the session.
Market participants remain cautious on leveraged treasury models.
Similar strategies have faced scrutiny amid volatility.
Analysts note dilution concerns linked to large shelf filings.
Others see flexibility for opportunistic capital deployment.
Upexi has not confirmed any immediate solana purchases.
Future activity will depend on market conditions.
The filing underscores ongoing uncertainty around crypto treasuries.
Investors continue weighing dilution risks against long-term exposure.
At the time of reporting, Solana price was $121.64.