Fitell Corporation (NASDAQ:FTEL) stock surged 60% after the Australian fitness equipment company announced plans to launch a Solana-based digital asset treasury, supported by a $100 million financing facility.
The firm said the facility will fund what it claims is the first Solana-based digital asset treasury in Australia. Fitell also plans to become the largest publicly listed SOL holder in the country and intends to rebrand as “Solana Australia Corporation” following the initial rollout.
David Swaney and Cailen Sullivan have been appointed as advisors to oversee the company’s digital asset treasury strategy. The strategy aims to generate returns by deploying SOL assets across decentralized finance (DeFi) platforms and derivatives strategies, including options, snowballs, on-chain liquidity provisioning, and other liquid instruments with managed downside risk.
“The launch of our Solana digital asset treasury positions Fitell at the forefront of Solana adoption in the regions of Australia and Asia Pacific,” said Sam Lu, Chief Executive Officer of Fitell Corporation.
To fund initial SOL purchases, Fitell entered into a convertible note facility with a U.S.-based institutional investor, deploying $10 million from the initial closing to acquire SOL immediately. Rodman & Renshaw served as the exclusive placement agent for the financing.
Additionally, Fitell has begun preparations for a dual listing on the Australian Securities Exchange (ASX) to broaden regional investor access to SOL.
Fitell Corporation stock price
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