Upexi is a small company in the midst of a strategic pivot from consumer products to a Solana (SOL) cryptocurrency treasury. The original business owns and sells health, wellness, and pet care brands — including LuckyTail (pet grooming), Moonwlkr (hemp-derived cannabinoids), PRAX (energy products), and Cure Mushrooms (supplements) — primarily through Amazon and direct-to-consumer e-commerce. Upexi also controls in-house manufacturing via Gumi Labs, a Florida gummy facility, and handles fulfillment through its own warehousing operation. The company has been pruning this portfolio, divesting several brands since 2023. The dominant and growing focus is Upexi's SOL treasury strategy, explicitly modeled on MicroStrategy's Bitcoin approach applied to Solana. In 2025, Upexi raised roughly $300M through equity and convertible notes to accumulate SOL, and holds approximately $253M in SOL across BitGo and Coinbase custodians, with ~95% staked to earn staking rewards of roughly 4.3% annually. Upexi also intends to buy locked SOL at a discount to spot price. The company plans to continue issuing equity and convertible debt to accumulate more SOL. GSR Strategies manages the treasury for a 1.75% annual fee on assets, under a 20-year agreement with substantial early termination penalties.