Upexi, Inc. · NASDAQ:UPXI
Upexi — Investor Presentation (October 2026)
25 slides from Upexi's investor presentation, October 2026
Slide 1: The Solana Treasury Company
THE SOLANA TREASURY COMPANY FALL 2026 • INVESTOR PRESENTATION • NASDAQ: UPXI Fall 2026 — NASDAQ: UPXI
Slide 2: Forward Looking Information
FORWARD LOOKING INFORMATION This presentation contains “forward-looking statements”, including statements regarding Upexi, Inc. and its subsidiaries, within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All of the statements in this presentation
Slide 3: Upexi Overview
UPEXI OVERVIEW A Consumer Brand Owner Adopting a Solana Treasury Strategy ● Brand owner specializing in the development, manufacturing, and distribution of consumer products Feb 6, 2025: Expands into Crypto ● Leverages proprietary data, technology platform, and Reveals intention to pursue crypto & fi
Slide 4: What Differentiates Upexi?
WHAT DIFFERENTIATES UPEXI? There are four key items Fall 2026 — NASDAQ: UPXI 4
Slide 5: 1: Top Management
1: TOP MANAGEMENT ALLAN MARSHALL ANDREW NORSTRUD BRIAN RUDICK, CFA Chief Executive Officer Chief Financial Officer Chief Strategy Officer Founded XPO Logistics. Multiple Long-time public company CFO, Deep equities & crypto expertise. Prior successful exits. 30 years M&A experience spearheading change &
Slide 6: 2. Leading Strategy
2. LEADING STRATEGY Prudent Leverage No Onchain Degen Trading Best Ops/Risk Practices ● A small amount of leverage is ● Upexi does not engage in onchain ● Upexi utilizes only leading preferable when betting on an trading strategies to reduce qualified custodians and asset that one believes will rise,
Slide 7: 3. Bringing Innovation
3. BRINGING INNOVATION 1ST PIPE First large-scale equity First in-kind PIPE for an altcoin treasury convertible note issuance Catalyzed the digital asset treasury movement Materially reduces credit risk for both parties Upexi has led on multiple Positioned to continue to capital markets innovations
Slide 8: 4. Demonstrated Value Creation
4. DEMONSTRATED VALUE CREATION Increase in SOL in 2025 Increasing SOL per Share ● Upexi utilizes accretive capital issuance, staking, and discounted locked Solana purchases to increase Solana per share ● Upexi increased adjusted SOL per share by 35% in 2025 vs. +3% an investor could have gotten by t
Slide 9: The Solana Treasury Strategy
THE SOLANA TREASURY STRATEGY Fall 2026 — NASDAQ: UPXI 9
Slide 10: Crypto Treasury Company Primer
CRYPTO TREASURY COMPANY PRIMER Historical Efforts Shareholder Benefits ● Companies are increasingly adding digital assets to ● May act as a proxy to the assets held in the form of a their treasuries to maintain purchasing power and familiar equity security, increasing confidence, access benefit from p
Slide 11: Treasury Company Components
TREASURY COMPANY COMPONENTS Maximize External Visibility Issue Capital Intelligently Seek to maximize visibility and demand for the stock Aim to accretively issue capital to maximize value Overall Efforts Overall Efforts ● Extensive public relations campaign ● Intend to pursue equity/debt issuance i
Slide 12: Myriad Value Accrual Mechanisms
MYRIAD VALUE ACCRUAL MECHANISMS Unlike spot SOL or ETFs, Upexi can add value in several additional ways, all of which compound Discounted Locked SOL Intelligent Issuance SOL Staking Change in SOL Price ● Upexi can buy locked SOL ● Upexi monetizes smart ● Upexi stakes SOL to earn ● Extremely high pot
Slide 13: The Capital Markets Flywheel
THE CAPITAL MARKETS FLYWHEEL Accrue A Multiple Intelligent Capital Issuance ● Upexi earns the difference between ● Accruing a multiple enables Upexi to issue its cost of capital and the return on equity above book value, which is by SOL, ie. spread income. The definition accretive to shareholders. m
Slide 14: On Valuation
ON VALUATION MACRO CHARACTERISTICS OF HIGH mNAV POTENTIAL MULTIPLE EXPANSION Similarly-sized, similarly-priced ● Treasury companies tend to trade at discounts during raises will be more accretive for bear markets and premiums during bull markets SMALLER smaller treasury companies, ● Should digital a
Slide 15: The Upexi Investment Opportunity
THE UPEXI INVESTMENT OPPORTUNITY PROVIDES CRYPTO EXPOSURE IN A FAMILIAR EQUITY SECURITY UNLOCKS SIGNIFICANT VALUE USING PROVEN CAPITAL MARKETS STRATEGIES IMPROVES ON MICROSTRATEGY’S PLAYBOOK WITH KEY INNOVATIONS CAPITALIZES ON CRYPTO’S SECULAR EXPANSION & SOLANA AS AN END-GAME WINNER SUPPORTS SOLANA
Slide 16: Solana Overview
SOLANA OVERVIEW Launched in 2020, Solana is a leading smart contract blockchain built for performance and mass adoption Description Internet Capital Markets Focus Areas ● Solana is the first second-generation smart contract Stablecoins Tokenization AI Agents blockchain, uniquely offering best-in-clas
Slide 17: Upexi's Solana Treasury
UPEXI’S SOLANA TREASURY Solana Treasury Overview Treasury Growth Over Time (SOL, m) ● Approximately 2.3 million SOL, valued at $254 million ● 36% of SOL are locked, much of which was purchased at a mid-teens discount and moves to par over time ● Diversify SOL across qualified custodians, top validato
Slide 18: Upexi Key Metrics
UPEXI KEY METRICS Adjusted SOL per Share Valuation Metrics +35% Credit-Risk Leverage YTD Average Daily Volume, $m Fall 2026 — NASDAQ: UPXI Note: Data as of March 10, 2026. See appendix for details on adjusted SOL per share and valuation 18 metric calculations. Peers include DFDV, FWDI, HSDT, STKE, a
Slide 19: Recent Highlights
RECENT HIGHLIGHTS Focused on Internal Initiatives During the Crypto Bear Market to Better Position for Any Environment Expense Reduction Initiative Balance Sheet Fortification Upexi embarked on an expense initiative to right-size Upexi increased cash, raised equity, reduced debt, and expenses for th
Slide 20: Why Crypto
WHY CRYPTO Novel Uses & Benefits Secular Expansion Corp. Adoption Catalyst Blockchain and crypto will be Prices will ebb and flow given the Corporates are diving into crypto ubiquitous as it enables use cases nascency of the technology, but on increasing regulatory clarity and benefits not attainable
Slide 21: Why Solana
WHY SOLANA The End Game-Winning Blockchain Leading All Other Blockchains Bitcoin is the best monetary asset. Solana is the best Solana is leading all other blockchains in key metrics high performance blockchain. It’s that simple Daily Users, m Daily Transactions, b Best Best Money Performance Top Pr
Slide 22: Why Upexi
WHY UPEXI TOP MANAGEMENT CAP MARKETS EXPERTISE PIONEERING INNOVATION CEO founded $21b XPO Logistics Proven capital markets Completed the first large-scale PIPE for an Execs have top equities & crypto expertise capabilities across equity and debt altcoin treasury, in-kind convert issuance BACKED BY TH
Slide 23: Appendix
APPENDIX Fall 2026 — NASDAQ: UPXI 23
Slide 24: UPXI Valuation
UPXI VALUATION Fully-Loaded mNAV Description Calculation Methodology ● Fully-Loaded mNAV compares Upexi’s market cap Fully-Loaded mNAV Calculation relative to Net Asset Value after adjusting for certain possible or likely items to market cap and Net Asset Value ● The Fully-Loaded mNAV assumes: ○ Pre
Slide 25: Thank You
THANK YOU Fall 2026 — NASDAQ: UPXI 25