Upexi, Inc.

Upexi, Inc. operates in the cryptocurrency industry and as a brand owner specializing in consumer products. The company, originally formed in September 2018, has seven active subsidiaries. Upexi manages cash assets through a cryptocurrency portfolio, primarily focused on Solana tokens and staking these tokens. Early in 2025, Upexi updated its cash management and treasury strategy to include holding digital currency assets directly on its balance sheet. This marked a shift from its previous practice of holding excess cash primarily in FDIC-insured interest-bearing accounts. The change was implemented to obtain the highest yield on excess cash. Under this new approach, Upexi's treasury policy focuses primarily on Solana ("SOL"). The strategy involves applying a public-market treasury model to Solana, an asset considered earlier in its lifecycle than Bitcoin in terms of development, usage, and institutional adoption. A significant portion of the balance sheet is allocated to holding Solana in the company's digital asset treasury. Currently, the treasury is exclusively dedicated to the SOL digital asset, with no intention to allocate capital to other digital assets. Upexi stakes the vast majority of its Solana treasury to earn a staking yield, aiming to make the treasury a productive asset. Currently, approximately 95% of the SOL treasury is staked, and the company intends to maintain a similar or higher percentage going forward. Upexi does not hedge its SOL and has no plans to do so in the future.