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Allan Marshall, CEO of Upexi Inc. (Nasdaq: UPXI), credited Solana (SOL) staking income for driving the company’s 183% year-on-year profit surge in the last quarter — a result that’s turning heads across the crypto treasury sector.
Speaking with TheStreet Roundtable’s Scott Melker, Marshall said Upexi’s digital asset division had become the firm’s biggest growth engine, powered largely by SOL staking rewards.
Legendary trader Jon Najarian, who sits on Upexi’s advisory board, joined the discussion to weigh in on the company’s performance and the state of crypto treasuries.
Related: Trading legend Jon Najarian joins Solana DAT Upexi as advisor
On Nov. 11, Upexi released its earnings report for the quarter ended Sep. 30, 2025.
Gross profit stood at $8.3 million, up 183% YoY — largely driven by the digital asset revenue (mostly SOL staking income) of $6.1 million.
Net income stood at $66.7 million, compared to a net loss of $1.6 million in the quarter ended Sep. 30, 2024.
Total revenue stood at $9.2 million, compared to $4.4 million in the quarter ended Sep. 30, 2024.
SOL staking has generated strong revenue for the company and it wasn't even a full quarter of staking, Marshall said.
"So what we told the market yesterday and on our conference call was: This is the baseline for us. We're looking to get better from here and we're looking to find ways to generate more yield."
While people might be saying the crypto treasury model is broken, Upexi is still one of those trading at a premium, he added.
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Melker said the model is certainly not broken for Upexi, given it is trading at a premium to NAV. He then asked Najarian what he thought of several crypto treasury companies trading at a discount.
The legendary trader praised Allan and the entire Upexi team for doing a “spectacular" job of SOL staking operations. He, in particular, praised them for acquiring SOL at discounts.
“All you really need is four digital assets to catch a little wind at their back now. And this stock won’t be in the threes or fours.”
Marshall underlined that Upexi’s average cost basis in acquiring SOL sits around $154-$157 per token, while the competing Solana treasury companies entered the market around $220-$230.
"We expect Solana to trade up and down. Like right now we're looking for ways to accumulate more Solana here."
Upexi has a long-term view regarding the crypto treasury plan, and the model is in great shape, he added.
"We think Solana is gonna be the future of the financial rails."
The UPXI stock closed at $3.38 on Nov. 12, up 5% in a day. Meanwhile, SOL was exchanging hands at $153.95, down 1.5% in a day.
Notably, Solana Breakpoint is scheduled for Dec. 11-13. Developers and investors behind the network are set to convene at its annual conference, where they’ll unveil new products and outline expansion plans.
