Close Menu
maincoin.money
    What's Hot

    Mastering Crypto Charts in 2025: A Professional’s Guide

    October 20, 2025

    Bolivia’s Incoming President Rodrigo Paz Aims for Blockchain Reforms

    October 20, 2025

    Elon Musk Boosts Floki Memecoin by 29%

    October 20, 2025
    Facebook X (Twitter) Instagram
    maincoin.money
    • Home
    • Altcoins
    • Markets
    • Bitcoin
    • Blockchain
    • DeFi
    • Ethereum
    • NFTs
      • Regulation
    Facebook X (Twitter) Instagram
    maincoin.money
    Home»Altcoins»Fitell Emerges as Australia’s First Solana Treasury Company Following $10M Acquisition
    Altcoins

    Fitell Emerges as Australia’s First Solana Treasury Company Following $10M Acquisition

    Ethan CarterBy Ethan CarterSeptember 25, 2025No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Fitell Emerges as Australia's First Solana Treasury Company Following $10M Acquisition
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Fitell, an Australian fitness equipment manufacturer, experienced a 21% drop on Wednesday following its announcement of acquiring over 46,000 Solana (SOL) tokens for approximately $10 million.

    The Nasdaq-listed firm concluded Wednesday’s trading day at $6.65, showing a slight increase of 0.15%, and closed the after-hours session at $6.66, as stated by Google Finance.

    01997f7d 9b63 7b6d 9779 81a6fe178593
    Fitell’s shares fell to $6.65 at the close of Wednesday’s trading. Source: Google Finance.

    This marks at least the fifth company this week that has seemingly disappointed stakeholders with crypto investments.

    Earlier in the week, shares of medical device company Helius Medical Technologies plummeted approximately 34% after it invested around $175 million in Solana.

    Moreover, CEA Industries, linked to BNB treasury, BitMine Immersion Technologies, associated with Ethereum treasury, and Strategy Inc., the largest Bitcoin holder, saw declines in their stock prices of 19.5%, 10%, and 2.5%, respectively, by the end of Monday’s trading following recent crypto purchases.

    Fitness equipment firm becomes a crypto treasury business

    This acquisition came just a day after the announcement of Fitell’s shift towards cryptocurrency, which involved the issuance of a $100 million convertible note to accumulate Solana for its treasury.

    On Wednesday, it announced that it would allocate 70% of the net proceeds from each transaction to purchase digital currencies, with the remaining funds designated for its crypto operations, onchain activities, and working capital.

    “With the backing of committed institutional support, we anticipate expanding our SOL position, enhancing staking revenues, and creating long-term value for shareholders,” stated Fitell CEO Sam Lu.

    The company also appointed David Swaney and Cailen Sullivan as advisers to improve its digital asset treasury using yield-generating models and evaluating DeFi opportunities and risks.

    Fitell’s shares have plummeted by 95.69% this year, with a significant downturn in February, following analysts deeming it “overvalued and underperforming.”

    Solana treasury firms now possess 3% of the supply

    In the meantime, Solana digital asset treasuries are rapidly expanding, with firms such as Solmate, Helius, and DeFi Development Corp adopting SOL into their treasuries.

    Related: DeFi Development Corp’s Solana treasury surpasses $400M following latest acquisition

    Last week, Brera Holdings rebranded as Solmate, aimed at establishing a Solana treasury and building infrastructure for the Solana ecosystem after raising $300 million.

    Neurotech company Helius Medical Technologies declared its intent on Sept. 15 to raise $500 million for its Solana DAT.

    The firm concluded its private placement on Sept. 18, with the possibility of raising an additional $750 million if the option is exercised, totaling a potential raise of $1.25 billion.

    Currently, 17.04 million Solana are held by 17 entities, representing 2.96% of Solana’s total supply secured by Solana DATs, according to Strategic SOL Reserve.

    Magazine: XRP ETF pump ‘disappointment,’ Bitcoin to see out 2025 at $173K: Trade Secrets