Upexi Posts $109M Q3 Loss, Coinbase Adds $100K SOL Loans, KRWQ Hits Solana

Solana News

Solana treasury firm Upexi reported a $109 million net loss for its fiscal third quarter, a sharp widening from the $3.8 million deficit posted in the same period last year. The Nasdaq-listed company attributed the bulk of the shortfall to $92.3 million in unrealized markdowns on its digital asset holdings, reflecting non-cash fair value adjustments at quarter end. Despite the headline loss, total revenue climbed 46% year-over-year to $4.6 million, supported by $3.5 million in staking income. Shares fell 8.16% in the session following the report, closing at $1.35 and extending a six-month drawdown that has erased roughly 60% of the stock's value.

Upexi expanded its Solana treasury during the quarter despite mounting paper losses, growing its position by 9% to 2.5 million SOL valued at more than $238 million as of March 31. That stake now ranks as the second-largest corporate Solana holding behind Forward Industries, which controls upward of 7 million tokens. CEO Allan Marshall said the company executed a $36 million convertible note private placement in exchange for 265,500 locked SOL, while also repurchasing 2.5 million Upexi shares on the open market. Marshall framed the strategy as accretive on a per-share basis and signaled continued accumulation even amid the broader bear market.

South Korean won-denominated stablecoin KRWQ launched on Solana this week, positioning the asset as a core settlement layer for Korean won liquidity in crypto-native venues. Issued by IQ in partnership with Frax, the token is designed to power perpetual futures, onchain foreign exchange pairs, arbitrage flows and cross-margin trading between KRW and USD stablecoins. Chief Operating Officer Dave Shin pointed to Solana's low-latency blockchain execution and ecosystem depth as the rationale for the deployment, citing rising institutional demand for non-USD trading pairs. KRWQ first launched on Base last October and listed on EDX Markets in March, including the debut of Korean won perpetuals on EDXM International.

Coinbase extended its onchain lending product to Solana collateral, allowing eligible users to borrow up to $100,000 against their SOL holdings. The loans route through the exchange's existing Morpho integration on Base, the same plumbing that already supports bitcoin, ether and several other crypto-backed credit lines. Ben Shen, who leads financial services and loyalty products at Coinbase, framed the launch as a push to deepen SOL utility for traders seeking instant liquidity without selling their tokens. The product fits within Coinbase's broader "Everything Exchange" thesis and follows a recent expansion of crypto-backed lending into the United Kingdom market.

Cumulative originations across Coinbase's crypto-backed lending suite have crossed $2.3 billion since launch, with bitcoin accounting for the dominant share at roughly $2.17 billion in collateral. Ether-backed loans contribute around $110 million, trailed by XRP at $31.6 million, cbETH at $3.34 million, dogecoin at $2.33 million, cardano at $1.8 million and litecoin at $802,000. The addition of SOL marks the first major altcoin expansion since Coinbase opened the product to XRP, broadening the productive options for holders of one of the largest layer-one networks by market value. Coinbase stock currently trades near $205.

KRWQ's Solana rollout aims to unify roughly $40 billion in daily Korean won spot turnover with the approximately $60 billion offshore non-deliverable forward market into a single onchain venue. The team views the move as foundational for a continuously traded global KRW market that bridges institutional and crypto-native participants. Integration across Solana's DeFi stack is expected to follow, with longer-term use cases spanning cross-border settlement and AI-driven trading systems. The stablecoin is not yet marketed to South Korean retail investors because the country's Digital Asset Basic Act remains in legislative draft, leaving rules for won-pegged tokens unresolved.

On the technical side, SOL changed hands near $91.6 after a 3.2% intraday pullback, holding above the immediate support cluster at $90.57 with deeper safety nets at $87.53 and the cycle pivot at $81.86. Resistance sits stacked at $93.20, $97.05 and the psychological $100.81 level, with a reclaim of the first band required to confirm trend continuation. RSI at 58.31 leaves headroom before overbought conditions, while the MACD remains in bullish configuration, consistent with the prevailing uptrend bias. A close beneath $87.53 would invalidate the constructive setup and shift focus to the $81.86 floor.