Nasdaq-listed Fitell kicks off Solana treasury strategy with 46k SOL buy

Nasdaq-listed Fitell, an Australian fitness equipment maker, has made the first purchase under its new Solana treasury strategy, adding 46,000 SOL ￰0￱ announced its plans to launch a Solana treasury strategy on September 23, unveiling a $100 million financing facility to back the initiative, and followed through with its first investment just a day ￰1￱ buys $10m worth of SOL For its first buy, Fitell allocated roughly $10 million in funds, acquiring 46,144 SOL at an average price of around $216 per token, and the purchase was funded by issuing a $100 million convertible ￰2￱ to today’s announcement , the company intends to use at least 70% of the net proceeds from each transaction under the facility to acquire digital currencies, primarily ￰3￱ remaining capital will support Fitell’s on-chain operations, staking activities, and general working capital ￰4￱ CEO Sam Lu said the acquisition was a “manifestation” of the firm’s long-term crypto strategy to enhance shareholder value.

“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,” Lu ￰5￱ has also brought on seasoned digital asset advisers to support the treasury ￰6￱ Swaney, a digital asset veteran, and Cailen Sullivan, a former Coinbase employee, will assist in optimising staking strategies and evaluating DeFi-related risks and ￰7￱ company expects these efforts to eventually generate staking revenue while also establishing a more blockchain-native business model to complement its legacy fitness operations. Unfortunately, shareholder reaction to the news was underwhelming, as Fitell’s stock fell 21% on the day of the announcement, extending its year-to-date losses to over 95%.

Earlier this week, Helius Medical Technologies saw its stock plunge nearly 34% after committing $175 million toward SOL ￰8￱ fates hit BNB treasury firm CEA Industries and Ethereum-focused BitMine Immersion Technologies, which fell 19.5% and 10%, respectively, following their crypto ￰9￱ treasury companies dominate September September has shaped up to be a breakout month for corporate Solana ￰10￱ days before Fitell’s announcement, Brera Holdings rebranded to Solmate and unveiled a $300 million fund to accumulate SOL and build staking infrastructure in Abu ￰11￱ by Ark Invest and Pulsar Group, the newly formed Solmate secured preferential token access through a letter of intent with the Solana Foundation and installed ex-Kraken CLO Marco Santori as CEO.

Meanwhile, Helius Medical launched its own $500 million SOL-denominated reserve, with backing from Pantera Capital, Animoca Brands, and ￰12￱ Development Corp., in the meantime, expanded its Treasury Accelerator program to include new digital asset treasuries, planning to invest up to $75 million per deal while recycling profits back into SOL. Altogether, Solana treasury firms have now locked up over 17 million SOL across 17 entities, accounting for nearly 3% of the total circulating supply.