Fitell Becomes Australia’s First Solana Treasury Firm With $10M Buy
The post Fitell Becomes Australia’s First Solana Treasury Firm With $10M Buy appeared on BitcoinEthereumNews.com.
Australian fitness equipment maker Fitell fell 21% on Wednesday after announcing it bought more than 46,000 Solana (SOL) for around $10 million. The Nasdaq-listed company closed Wednesday’s trading session at $6.65, only making a mere increase of 0.15% and closed the after-hours session at $6.66, according to Google Finance. Shares of Fitell dropped to $6.65 at the end of Wednesday’s trading session. Source: Google Finance. Fitell is now at least the fifth company this week that has seemingly disappointed its shareholders with crypto buying. Earlier this week, shares of Medical device company Helius Medical Technologies dropped by nearly 34% after it purchased around $175 million of Solana. In addition, BNB treasury company CEA Industries, Ethereum treasury firm BitMine Immersion Technologies and the largest Bitcoin holder Strategy Inc., saw their stock price decrease by 19.5%, 10%, and 2.5%, respectively, at the end of Monday’s trading session after some recent crypto buys. Fitness equipment company turned crypto treasury firm The buy comes only a day after the company revealed its crypto pivot, issuing a $100 million convertible note to accumulate Solana for its treasury. On Wednesday, it stated that it would use 70% of the net proceeds from each transaction to buy digital currencies, with the remainder being used for its crypto operations, onchain activities, and as working capital. “With committed institutional support, we look forward to expanding our SOL position, in addition to growing staking revenue, and drive long-term value for shareholders,” said Fitell CEO Sam Lu. The company on Tuesday also appointed David Swaney and Cailen Sullivan as advisers, who are tasked with optimizing the company’s digital asset treasury through yield-generating models, assessing DeFi opportunities and risks associated with them. Fitell’s shares are down 95.69% this year, with a significant plunge in February, after analysts called it “overvalued and underperforming.”…
Filed under: News - @ September 25, 2025 6:28 pm