An Australian fitness company known as Fitell Corporation (ticker FTEL) said Tuesday it has secured a $100 million “financing facility” to accumulate Solana as part of its new digital asset treasury (DAT) strategy.
The company plans to rebrand as Solana Australia Corporation, according to a statement. Fitell said it has become the first “Solana-based digital asset treasury in Australia.”
The new DAT aims to eventually generate yields by deploying SOL assets across “structured products such as options, snowballs, on-chain liquidity provisioning, and other highly liquid strategies with managed downside risk,” Fitell said.
“We believe that digital asset treasuries are laying the blueprint for digital asset ETFs,” David Swaney, a newly-appointed advisor tasked with helping Fitell with its DAT strategy, said in a statement. “The ability to generate yield on assets beyond staking will be the defining differentiator, and we intend to lead this effort.”
To support its Solana purchases, Fitell has entered into an up to $100 million convertible note facility with a U.S.-based institutional investor, the company said. From the initial closing, $10 million will be immediately deployed to purchase SOL.
Over $20 billion has been invested in various DATs so far this year with the majority of the capital being deployed across treasuries accumulating Bitcoin, Ethereum, and Solana. Larger players among Solana-based DATs include Upexi, Sharps Technology, and DeFi Development. Recently launched Forward Technology, backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, is the largest SOL DAT, is reportedly looking to raise up to $4 billion to fund its corporate treasury plan.
Fitell’s Nasdaq-listed shares rallied upwards of 50% to over $13.63 earlier on Tuesday and have since corrected to about $7.86 at press time, according to Google Finance.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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