TLDR
- Fitell Corporation secures $100M financing facility to launch Australia’s first Solana-based digital asset treasury
- Company plans to use DeFi strategies to generate yield on SOL holdings, moving beyond traditional staking
- Stock spiked to $15.79 before pulling back to around $7 with multiple trading halts due to volatility
- Appointed DeFi veterans David Swaney and Cailen Sullivan as advisors for treasury strategy
- Plans to rebrand to “Solana Australia Corporation” and pursue dual listing on Australian Securities Exchange
Fitell Corporation has secured up to $100 million in financing to launch Australia’s first Solana-based digital asset treasury. The NASDAQ-listed fitness equipment company announced the plan on Tuesday, marking a shift from its traditional hardware business.
🚨NEWS: Publicly listed Fitell Corporation (FTEL) has raised a $100M credit line to launch Australia’s first @Solana Digital Asset Treasury. pic.twitter.com/7J8WkpcLNr
— SolanaFloor (@SolanaFloor) September 23, 2025
The company’s stock experienced extreme volatility following the announcement. Shares spiked to an intraday high of $15.79 before pulling back to around $7 by the close.
Trading was halted multiple times throughout the session due to the price swings. Retail sentiment on Stocktwits jumped to “extremely bullish” from “bullish” territory.
DeFi Strategy and Advisors
Fitell has appointed two DeFi veterans to design its treasury roadmap. David Swaney and Cailen Sullivan will focus on risk management frameworks and yield generation strategies.
The company plans to deploy SOL assets across diversified on-chain DeFi and derivatives strategies. This includes structured products such as options, snowballs, and on-chain liquidity provisioning.
David Swaney has been active in digital assets since 2017, focusing on institutional adoption of on-chain finance. His experience spans treasury design, structured yield strategies, and market infrastructure.
Cailen Sullivan has worked in digital assets for over a decade and was an early Coinbase hire in 2013. He recently co-founded Adrena, a leading perpetuals DEX on Solana.
The strategy aims to generate returns beyond traditional staking models. Returns will be reinvested into the treasury reserve to compound SOL accumulation.
Initial SOL assets will be custodied with BitGo Trust Company in the US. The assets will be staked through institutional-grade infrastructure.
Corporate Restructuring Plans
Following the treasury launch, Fitell plans to rebrand to “Solana Australia Corporation.” The company has initiated steps toward a dual listing on the Australian Securities Exchange.
The dual listing would broaden access for regional investors to SOL exposure. This move reflects the company’s pivot from its core fitness business.
Fitell completed a 1-for-16 share consolidation of its ordinary stock. The consolidation raised the par value from $0.0001 to $0.0016.
The company joins other public firms making similar pivots this year. Companies like Upexi, SOL Strategies, and Forward Industries have announced comparable moves.
Upexi currently holds the largest Solana position among public companies with more than two million SOL. Fitell’s announcement provides few operational details about connecting the strategy to its core business.
The company scheduled a live session at 4:00 PM ET Tuesday to share more information. Investors will watch to determine if this represents a meaningful balance sheet strategy.
