Upexi to Boost $SOL Treasury by 12% Following $36M Hivemind Capital Convertible Note Purchase

Upexi, the fifth-largest $SOL digital asset treasury company, has started 2026 with a bang. In the face of souring sentiment towards DATs, Upexi has entered into a $36M private placement in collaboration with Hivemind Capital Partners.

While markets are enjoying fresh optimism in the opening weeks of 2026, Solana’s DAT landscape is still in dire straits, with many firms suffering from contracting mNAVs.

What does Upexi’s latest agreement mean for its treasury, and how are other Solana DATs trying to create value beyond staking rewards?

The $SOL DAT Arms Race Continues

On January 13, Upexi announced it had entered into a securities purchase agreement with Hivemind Capital Partners. As per the terms of the deal, ~$36M in locked $SOL has been collateralized for the deal, increasing Upexi’s treasury by 12% and bringing the firm’s total AUM to over 2.4M $SOL (~$322M).

Upexi CEO Allan Marshall is confident that the deal makes economic sense, taking advantage of favorable $SOL staking revenues while paying a low interest rate of 1%. 

“Upexi increased adjusted SOL per share by 34% in 2025, and completing a transaction above both market and fully-loaded NAV is a great start to building SOL per share in 2026. This transaction improves Upexi’s market position in the Solana treasury space, is accretive to our adjusted Solana per share should the Note convert to equity, and has limited credit risk given the in-kind nature of the transaction.” - Allan Marshall, Upexi CEO

Despite languishing market conditions putting Solana DATs in a difficult position throughout Q4, Hivemind Capital Partners founder Matt Zhang is optimistic about the sector’s future.

"We believe in Upexi’s differentiated strategy, capital markets expertise, and demonstrated ability to create long-term value through disciplined execution. This transaction aligns with our conviction in Solana as a core digital asset and in Upexi as a leading public-market vehicle to gain exposure to it. We are thrilled to support Upexi’s growth and look forward to deepening our partnership with the Company.” - Matt Zhang, Hivemind Capital Partners founder.

DATs Need a Value Add

If the DAT scene learnt anything last year, it was that treasury companies need to adopt differentiated strategies and unique value propositions. With crypto asset prices falling, many DATs across the crypto industry have succumbed to bearish forces, resulting in some players liquidating their treasuries to fund stock repurchase programs.

Speaking exclusively with SolanaFloor, Solmate CEO Marco Santori explained that DATs needed to expand beyond simply running crypto treasuries. In Solmate’s case, the firm is building out its offering to include RPC and infrastructure services.

Similarly, rival DATs like market leader Forward Industries have launched their own Prop AMM, seeking to further bolster their considerable treasury with protocol revenue. Without finding creative ways of supplementing their revenue, treasury companies are effectively leaving money on the table.

Defi Development Corp Ramps Up Points Farming

While Solmate doubles down on infrastructure and Forward Industries takes on the Prop AMM market, Defi Development Corp is leaning heavily into defi farming. 

After announcing that the firm would be allocating capital to Loopscale to generate yield on its stablecoin holdings, DFDV has since taken advantage of opportunities with Hylo and Solstice.

At press time, DeFi Development Corporation arguably holds the strongest position in the DAT arms race. While DFDV’s AUM is dramatically lower than rivals like Forward Industries, the firm has the highest mNAV among leading treasuries, based on Strategic Solana Reserve data.

Read More on SolanaFloor

Is Futarchic Governance Flawed?

$RNGR Buyback Proposal Sparks Debate on Ownership Coins

What Happens to Solana in 2026?