Solana treasury firm BIT Mining nearly doubles holdings as Upexi reports 126% increase in 'adjusted SOL per share'

Solana treasury companies are continuing to stock up on SOL tokens.

On Thursday, Upexi (ticker UPXI) said it increased the size of its bag by nearly 18,000 tokens , to a total of over 2 million, while BIT Mining (ticker BTCM) nearly doubled its holdings to 44,000 SOL after a 17,221 SOL buy.

SOL is trading around $226, up 1.2%, and edging closer to its all-time high above $293, according to The Block’s price page . Upexi’s crypto treasury is now worth over $456 million, while BIT Mining’s is worth about $9.9 million. 

Nasdaq-listed UPXI is up over 5% at press time to $5.76, giving it a market capitalization of $291 million. BTCM, which trades on the NYSE and will soon be renamed SOLAI Limited, is up over 6% to $2.94 with a $48 million market cap. 

Both firms are part of a wider trend of so-called digital asset treasuries , or DATs, that are loading up crypto assets through public or private sales of stock or debt, theoretically offering investors leveraged exposure to crypto markets. In total, Solana treasury companies hold at least 4.67 million SOL tokens, according to The Block's data .

Much like mutual funds or exchange-traded funds, DATs often calculate their net asset value (NAV) per share by considering their total assets minus liabilities divided by their outstanding shares.

Upexi, for instance, reported a "fully loaded" NAV of 1.2x, having acquired its SOL holdings for about $151 per token at a total cost of $306 million. This leaves the firm with an unrealized gain of $142 million, accounting for both price appreciation and the discount on its locked SOL, according to its statement.

DATs that buy native proof-of-stake tokens, like Ethereum’s ETH or Solana’s SOL, also often lock up their holdings to earn additional staking revenue. Upexi claims to earn approximately $105,000 in daily staking yield.

The firm introduced a new metric — “adjusted SOL per share” — to account for its “three value accrual mechanisms” of capital issuance, discounted locked SOL purchases, and staking revenue. Upexi’s adjusted SOL per share reportedly stands at $4.37, up 126% from $1.93 following the close of its initial $100 million private equity sale in April.

Notably, BitMEX co-founder Arthur Hayes joined the firm as its first outside advisor. During a recent meeting, stockholders approved an increase in the number of shares the company may issue under its equity line. Upexi has closed three capital issuances to date.

BIT Mining did not disclose specifics about its staking operations , though it has previously said it is running in-house validators . Chairman and COO Bo Yu noted its recent purchases “will strengthen our position in the ecosystem and we will continue to operate our validators to help strengthen and secure the network."

Looking to capitalize on another growing trend, BIT Mining has also collaborated with Brale Inc. to issue an “AI-native,” dollar-denominated stablecoin called DOLAI on Solana.