Upexi suffered a net loss of $179 million, with SOL's fair value adjustment being the main cause

Upexi, a Nasdaq listed company, had a revenue of $8.1 million in the second quarter, a year-on-year increase of 102%. Its digital asset business surpassed consumer brands as the main source of revenue for the first time. But the company's net loss reached $179 million, mainly due to unrealized losses of $164.5 million provisioned for fair value adjustment of SOL positions at the end of the quarter. As of the end of the quarter, Upexi held approximately 2.17 million SOLs, 95% of which were pledged, and its current holdings have increased to 2.4 million. The company raised approximately $43 million through the issuance of convertible bonds and direct issuance of SOL through lock up, with a cash balance of approximately $9.7 million. Affected by the SOL price falling below $80, Upexi's stock price has dropped by about 96% from its peak last year.