Solana treasury company Upexi shares fall 8%, after the company reported a third-quarter net loss increased to $109 million.

Odaily reported that the financial company Upexi, which is linked to Solana, saw its stock fall 8.16% on Tuesday after the company announced that its net loss for the third fiscal quarter had expanded to $109 million, primarily due to a decline in the value of its cryptocurrency holdings. According to documents filed by the company on Tuesday, its unrealized losses on digital assets reached $92.3 million. Despite staking income from cryptocurrencies driving a 46% year-over-year increase in total revenue to $4.6 million, the company still reported a loss.

Upexi’s financials show that, as of March 31, the company held 2.5 million Solana tokens valued at more than $238 million, making it the second-largest corporate treasury after Forward Industries to hold over 7 million Solana tokens (data from CoinGecko).