Solana Treasury Strategy - Upexi expands into crypto, focusing exclusively on Solana, with a treasury valued at $121 million as of May 28 [6] - The company raised $100 million in a private placement to bootstrap its Solana treasury strategy [6, 27] - Upexi estimates $7 million in annual staking revenue from staked SOL [6] - Upexi purchased $44 million of discounted locked SOL [6] - The company's treasury consists of 679,677 SOL, with 58% locked and 42% spot [38] Capital Markets & Valuation - Upexi leverages capital markets strategies, including a recent $100 million private placement, to maximize value [18, 20] - The company targets additional large-scale, accretive capital raises to acquire more Solana [21, 27] - Upexi aims to issue equity in an accretive fashion and is considering convertible debt at attractive terms [22] - Staking yields are consistently 7-9%, and buying discounted locked SOL effectively doubles the staking yield [28, 38] Solana & Crypto Thesis - Solana is positioned as a leading blockchain with ultra-cheap transactions and a bustling ecosystem [17] - The company believes Solana has high upside potential, with a market cap only 4% of Bitcoin's [28, 51]