Nasdaq-listed Fitell, an Australian fitness equipment maker, has made the first purchase under its new Solana treasury strategy, adding 46,000 SOL tokens. Fitell 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 later. Fitell 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 note. According 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 Solana. The remaining capital will support Fitell’s on-chain operations, staking activities, and general working capital needs. Fitell 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 said. Fitell has also brought on seasoned digital asset advisers to support the treasury buildout. David Swaney, a digital asset veteran, and Cailen Sullivan, a former Coinbase employee, will assist in optimising staking strategies and evaluating DeFi-related risks and opportunities. The 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 purchases. Similar fates hit BNB treasury firm CEA Industries and Ethereum-focused BitMine Immersion Technologies, which fell 19.5% and 10%, respectively, following their crypto moves. Solana treasury companies dominate September September has shaped up to be a breakout month for corporate Solana treasuries. Just 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 Dhabi. Backed 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 others. DeFi 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. The post Nasdaq-listed Fitell kicks off Solana treasury strategy with 46k SOL buy appeared first on Invezz
