Solana DATs Arrive In Australia: Fitell Corporation Announces $100M SOL Treasury Strategy

As Solana attempts to reclaim the $220 level as support, an Australian-based firm has joined the trend of Digital Asset Treasury (DAT) companies with a $100 million financing facility for the launch of a new SOL treasury ￰0￱ Reading: Analyst Says Ethereum Bounce Is Imminent As BitMine Continues To Accumulate First Australia-Based Solana Treasury On Tuesday, Nasdaq-listed Fitell Corporation, a global provider of fitness equipment and health solutions, unveiled the launch of the first Solana-based digital asset treasury in ￰1￱ to the announcement, the company has secured a $100 million convertible note facility with a US-based institutional investor to support the launch of its SOL treasury strategy.

Notably, $10 million from the initial closing will be immediately deployed to purchase the ￰2￱ the launch of the Treasury, Fitell plans to rebrand to “Solana Australia Corporation.” Additionally, it has initiated steps for a dual listing on the Australian Securities Exchange (ASX). The DAT is expected to generate yields by deploying SOL assets across a “diversified suite of on-chain DeFi and derivatives strategies,” including structured products such as options, snowballs, on-chain liquidity provisioning, and other highly liquid strategies with managed downside risk. Meanwhile, returns generated will be reinvested into the treasury reserve, the company ￰3￱ Sullivan, one of Fitell’s advisors, affirmed that their strategy “focuses not only on Solana itself, but the broader ecosystem of applications being built on top.” “By deploying more assets on-chain, we aim to generate outsized returns, setting a new benchmark for performance in digital asset management while supporting the growth of DeFi applications on Solana,” Sullivan ￰4￱ Corporate Adoption Continues Fitell Corporation’s CEO, Sam Lu, expressed the company’s ambition to become the largest publicly listed SOL holder in Australia and the Asia Pacific regions: The launch of our Solana digital asset treasury positions Fitell at the forefront of Solana adoption in the regions of Australia and Asia Pacific.

(…) With the expertise of David Swaney and Cailen Sullivan, we are excited to execute on a roadmap that combines innovation, yield generation, and disciplined risk ￰5￱ initiative follows the recent push for Solana-focused DATs, which have seen hundreds of millions of dollars invested in the strategies this ￰6￱ week, neurotech company Helius Medical Technology revealed the launch of a $500 million SOL treasury strategy backed by Pantera Capital and Summer ￰7￱ Pennsylvania-based company announced the first purchase for its DAT strategy on Monday, adding 760,190 SOL, worth approximately $168 million, at an average purchase price of $231. Similarly, Nasdaq-listed Forward Industries ￰8￱ unveiled its plan to bring its equity to the ￰9￱ to the announcement, the company has partnered with financial technology firm Superstate to allow stockholders to tokenize and hold FORD shares on the Solana ￰10￱ Reading: CEO Dismisses September Crash, Reveals Why The Bitcoin Price Is Headed For $150,000 Forward Industries ￰11￱ currently the largest corporate SOL Treasury, successfully closing a $1.65 billion private investment in public equity (PIPE) earlier this month to purchase the cryptocurrency, stake it, and generate excess returns.

Bitwise’s CIO Matt Hougan suggested that strong corporate treasury purchases and the highly anticipated approval of spot SOL exchange-traded funds (ETFs) could start a “Solana Season” in the coming ￰12￱ of this writing, SOL is trading at $220, a 6.7% decline in the weekly ￰13￱ Image from Unsplash. com, Chart from ￰14￱