---
schema_version: "secwatch.filing_event.v1"
accession: "0001477932-26-000207"
form_type: "8-K"
ticker: "UPXI"
cik: "0001775194"
company_name: "UPEXI, INC."
filed_at: "2026-01-14T23:59:59+00:00"
generated_at: "2026-05-16T10:25:41.364069+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Upexi issues $36M convertible note to Hivemind at $2.39/share, 1% rate, for locked Solana

## Summary
- Convertible note principal ~$36M, 1.0% interest payable quarterly, maturity Jan 9, 2028; fixed conversion price $2.39 (12.7% premium to $2.12 close).
- Company receives 265,500 locked SOL via assignment; Solana treasury to increase 12% to over 2.4M SOL.
- Note is secured by the SOL; no cash repayment of principal – investor gets pro rata return of SOL if unconverted at maturity.
- Internal estimated mNAV as of Jan 9, 2026: ~$234.4M, representing a fully-loaded modified NAV of 0.92x (Reg FD disclosure).
- CEO states transaction is accretive to adjusted SOL per share; no placement agent fees were paid.

## SEC filing metadata
- accession: 0001477932-26-000207
- form_type: 8-K
- ticker: UPXI
- cik: 0001775194
- company_name: UPEXI, INC.
- filed_at: 2026-01-14T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1775194/000147793226000207/0001477932-26-000207-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1775194/000147793226000207/upxi_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001477932-26-000207
- JSON: https://secwatch.observer/filing/0001477932-26-000207.json
- Plain text: https://secwatch.observer/filing/0001477932-26-000207.txt

## Key facts
- Material Agreements
  UPEXI, INC. entered into Securities Purchase Agreement with Hivemind Validation Master Fund valued at $36 million (effective 2026-01-09).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Hivemind Validation Master Fund
  - Value: $36 million
  - Effective: 2026-01-09
  source text: Upexi, Inc. (the “Company”) entered into a Securities Purchase Agreement dated January 9, 2026 (the “Purchase Agreement”) with Hivemind Validation Master Fund (the “Investor”), pursuant to which the Company issued to the Investor a secured convertible promissory note in the original principal amount of approximately $36 million (the “Note”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1775194/000147793226000207/0001477932-26-000207-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.