Fitell Corporation Launches Solana (SOL) Digital Asset Treasury with $100M Financing Facility, with Focus on Yield and On-Chain DeFi Innovation
Fitell Corporation (NASDAQ: FTEL) has announced a groundbreaking initiative to establish Australia's first Solana-based digital asset treasury, supported by a $100M financing facility. The company aims to become Australia's largest publicly listed SOL holder, with an initial $10M deployment for SOL purchases.
The company has appointed David Swaney and Cailen Sullivan as treasury advisors to implement DeFi strategies for generating yields through options, snowballs, and on-chain liquidity provisioning. Fitell plans to dual-list on the Australian Securities Exchange (ASX) and rebrand to "Solana Australia Corporation". The company will custody initial SOL assets with BitGo Trust Company and implement institutional-grade staking infrastructure.
Fitell Corporation (NASDAQ: FTEL) ha annunciato un'iniziativa rivoluzionaria per creare il primo tesoro digitale basato su Solana in Australia, supportato da una facilità di finanziamento da 100 milioni di dollari. L'azienda punta a diventare il maggiore detentore pubblico di SOL in Australia, con un'attivazione iniziale di 10 milioni di dollari per gli acquisti di SOL.
L'azienda ha nominato David Swaney e Cailen Sullivan come consulenti del tesoro per implementare strategie DeFi capaci di generare rendimenti tramite opzioni, snowball e fornitura di liquidità on-chain. Fitell pianifica una doppia quotazione sull'Australian Securities Exchange (ASX) e un restyling in "Solana Australia Corporation". La società custodirà inizialmente asset SOL con BitGo Trust Company e implementerà un'infrastruttura istituzionale di staking.
Fitell Corporation (NASDAQ: FTEL) ha anunciado una iniciativa innovadora para establecer la primera tesorería de activos digitales basada en Solana en Australia, respaldada por una línea de financiación de 100 millones de dólares. La compañía aspira a convertirse en el mayor titular público de SOL en Australia, con un despliegue inicial de 10 millones de dólares para compras de SOL.
La empresa ha designado a David Swaney y Cailen Sullivan como asesores de tesorería para implementar estrategias DeFi que generen rendimientos mediante opciones, snowballs y provisión de liquidez en cadena. Fitell planea cotizar dualmente en la Australian Securities Exchange (ASX) y renombrarse a “Solana Australia Corporation”. La compañía custodian contará con los activos iniciales de SOL con BitGo Trust Company e implementará una infraestructura de staking de nivel institucional.
Fitell Corporation (NASDAQ: FTEL)은 Solana를 기반으로 한 호주 최초의 디지털 자산 금고를 설립하는 획기적인 이니셔티브를 발표했다. 1억 달러의 파이낸싱 시설로 뒷받침되며, 회사는 호주에서 가장 큰 상장 SOL 보유자가 되겠다는 목표와 초기 1000만 달러의 배치를 SOL 매입에 사용할 예정이다.
회사는 재무 자문으로 David Swaney와 Cailen Sullivan를 임명하여 옵션, 스노볼, 온체인 유동성 공급을 통한 수익 창출을 위한 DeFi 전략을 구현할 것이다. Fitell은 ASX에 양자 상장을 하고 브랜드를 "Solana Australia Corporation"으로 재정립할 계획이다. 초기 SOL 자산은 BitGo Trust Company에 보관하고 기관급 스테이킹 인프라를 구축한다.
Fitell Corporation (NASDAQ: FTEL) a annoncé une initiative révolutionnaire visant à établir le premier trésor d'actifs numériques basé sur Solana en Australie, soutenu par une facilité de financement de 100 millions de dollars. L'entreprise vise à devenir le plus grand détenteur public de SOL en Australie, avec un déploiement initial de 10 millions de dollars pour des achats de SOL.
L'entreprise a nommé David Swaney et Cailen Sullivan comme conseillers en trésorerie pour mettre en œuvre des stratégies DeFi générant des rendements par le biais d'options, de snowballs et de provisioning de liquidité on-chain. Fitell prévoit une double cotation sur le Australian Securities Exchange (ASX) et un rebrand en "Solana Australia Corporation". L'entreprise déposera initialement les actifs SOL avec BitGo Trust Company et mettra en place une infrastructure de staking de niveau institutionnel.
Fitell Corporation (NASDAQ: FTEL) hat eine bahnbrechende Initiative angekündigt, Australiens erste Solana-basierte Treuhand für digitale Vermögenswerte zu etablieren, unterstützt durch eine Finanzierungsfazilität in Höhe von 100 Mio. USD. Das Unternehmen strebt an, Australiens größter öffentlich gehandelter SOL-Inhaber zu werden, mit einer anfänglichen Bereitstellung von 10 Mio. USD für SOL-Käufe.
Das Unternehmen hat David Swaney und Cailen Sullivan zu Treuhandberatern ernannt, um DeFi-Strategien zur Generierung von Renditen durch Optionen, Snowballs und On-Chain-Liquiditätsbereitstellung umzusetzen. Fitell plant eine Doppelnotierung an der Australian Securities Exchange (ASX) und eine Umbenennung in „Solana Australia Corporation“. Das Unternehmen wird anfänglich SOL-Vermögenswerte bei BitGo Trust Company verwahren und eine institutionelle Staking-Infrastruktur implementieren.
Fitell Corporation (NASDAQ: FTEL) أعلنت عن مبادرة رائدة لإنشاء أول خزينة أصول رقمية قائمة على سولانا في أستراليا، مدعومة بـ تسهيل تمويل بقيمة 100 مليون دولار. تهدف الشركة إلى أن تكون أكبر مالك SOL مدرج علنًا في أستراليا، مع نشر ابتدائي قدره 10 ملايين دولار لشراء SOL.
أعلنت الشركة عن تعيين David Swaney و Cailen Sullivan كمستشارين للخزينة لتنفيذ استراتيجيات DeFi لتوليد العوائد عبر الخيارات، Snowballs، وتوفير السيولة على السلسلة. تخطط Fitell لإدراج مزدوج في ASX وإعادة تسمية الشركة إلى "Solana Australia Corporation". ستقوم الشركة بحفظ الأصول SOL الأولية مع BitGo Trust Company وتنفيذ بنية مؤسسية للبنية التحتية للستاكينغ.
Fitell Corporation (NASDAQ: FTEL) 宣布了一项开创性举措，建立澳大利亚首个基于 Solana 的数字资产金库，获得 1亿美元融资额度 支持。公司目标成为澳大利亚最大的公开发行 SOL 持有者，初始将部署 1000万美元 用于购买 SOL。
公司任命 David Swaney 和 Cailen Sullivan 为金库顾问，实施 DeFi 策略，通过期权、雪球（snowballs）和链上流动性提供来产生收益。Fitell 计划在澳大利亚证券交易所（ASX）双重上市，并将品牌重塑为“Solana Australia Corporation”。公司将与 BitGo Trust Company 共同托管初始 SOL 资产，并建立机构级质押基础设施。
- Secured up to $100M financing facility for Solana treasury strategy
- Initial $10M deployment for immediate SOL purchases
- Planned dual listing on ASX to expand investor access
- Appointed experienced advisors with strong crypto background
- Multiple yield generation strategies through DeFi and derivatives
- Institutional-grade custody solution through BitGo Trust
- Significant pivot from core fitness equipment business model
- High exposure to volatile crypto assets and DeFi risks
- Complex yield generation strategies carry inherent risks
- Substantial dependence on Solana ecosystem performance
Insights
Fitell's $100M Solana treasury strategy represents a major strategic pivot from fitness to cryptocurrency, with ambitious but execution-dependent DeFi yield plans.
Fitell Corporation's announcement marks a dramatic strategic shift for what has primarily been a fitness equipment retailer. The company is effectively transforming itself into a Solana-focused investment vehicle with plans to rebrand as "Solana Australia Corporation" and pursue a dual listing on the ASX.
The $100M financing facility through convertible notes represents significant dilution potential relative to Fitell's current operations. The immediate deployment of $10M to purchase SOL signals an aggressive entry into cryptocurrency markets, with ambitions to become Australia's largest public Solana holder.
The company's DeFi yield strategy goes well beyond simple staking, indicating plans to deploy assets across higher-risk DeFi protocols. The mention of options, snowballs, and liquidity provisioning suggests a sophisticated approach to on-chain yield generation, but these strategies carry substantially more risk than traditional treasury management.
The appointment of advisors with cryptocurrency backgrounds rather than fitness industry expertise further emphasizes this pivot. Advisor Cailen Sullivan's connection to Adrena, a Solana-based perpetuals DEX, suggests potential ecosystem alignments.
This announcement essentially positions Fitell as a publicly-traded Solana proxy for Australian investors, similar to how MicroStrategy functions for Bitcoin. The key differentiator is Fitell's active DeFi strategy versus a simple hold approach. While potentially higher-yielding, this introduces additional smart contract risks, market risks, and operational complexity that investors will need to evaluate.
The success of this strategy depends heavily on both Solana's performance and the team's ability to navigate complex DeFi markets while managing risk appropriately across various yield-generating protocols.
Fitell's radical pivot from fitness equipment to Solana treasury represents a high-risk strategic transformation with unclear synergies to its core business.
Fitell Corporation is executing what appears to be a complete strategic transformation rather than a diversification. The planned rebrand to "Solana Australia Corporation" signals the company is essentially abandoning its identity as a fitness equipment provider to become a cryptocurrency investment vehicle.
This represents one of the most dramatic pivots we've seen from a public company outside of market downturns. Fitell is moving from selling physical fitness products to managing digital assets with seemingly no operational synergies between these business models. This raises fundamental questions about the company's core competencies and strategic direction.
The governance implications are significant. The company is appointing cryptocurrency specialists as advisors rather than integrating digital assets into an existing corporate strategy. The press release notably lacks any explanation of how this transformation benefits the existing fitness business or leverages its customer base of over 100,000 fitness enthusiasts.
The $100M financing facility through convertible notes could significantly dilute existing shareholders depending on conversion terms, which aren't detailed in the release. The immediate deployment of $10M for SOL acquisition represents a material allocation of capital to a highly volatile asset class.
This pivot appears to be capitalizing on cryptocurrency market interest rather than building on Fitell's established market position in fitness. While innovative, this approach presents substantial execution risk and regulatory uncertainty, particularly with ambitious plans for active DeFi participation that goes beyond simple treasury diversification. Shareholders are essentially being asked to invest in an entirely different business with different risk profiles, expertise requirements, and growth drivers.
- Intends to become the largest publicly listed holder of SOL based in Australia -
-Appoints advisors, David Swaney and Cailen Sullivan, to lead digital asset treasury strategy and
yield generation through actively managed DeFi and structured product strategies-
Taren Point, Australia, Sept. 23, 2025 (GLOBE NEWSWIRE) -- Fitell Corporation (NASDAQ: FTEL) (“Fitell” or the “Company”), a global provider of fitness equipment and health solutions, today announced it has secured an up to
Key Highlights
- DeFi and Yield Roadmap: Designed to generate outsized yields by deploying SOL assets across a diversified suite of on-chain DeFi and derivatives strategies. This includes structured products such as options, snowballs, on-chain liquidity provisioning, and other highly liquid strategies with managed downside risk. Each approach offers varying levels of returns, alpha generation, and duration. Returns generated will be reinvested into the treasury reserve, compounding the velocity of SOL accumulation, increasing SOL-per-share and strengthening alignment with the Solana community.
- Australian Dual Listing: Fitell has initiated steps toward a dual listing on the Australian Securities Exchange (ASX), broadening access and exposure for regional investors to SOL.
- Rebrand: Following the initial launch of the Solana treasury, the Company plans to rebrand to “Solana Australia Corporation”.
- Security: Initial SOL assets will be custodied with BitGo Trust Company, Inc. in the U.S. and staked through institutional-grade infrastructure.
Digital Asset Treasury Advisors
Fitell has appointed David Swaney and Cailen Sullivan as advisors to lead the Company’s digital asset treasury roadmap. Their mandate focuses on designing strategies to optimize treasury performance through decentralized finance (DeFi) opportunities, risk management frameworks, and yield innovation beyond traditional staking models.
- David Swaney has been active in the digital asset space since 2017, focusing on institutional adoption of on-chain finance. His extensive advisory and consulting experience spans treasury design, structured yield strategies, and market infrastructure.
- Cailen Sullivan has been active in the digital asset space for over a decade and was an early hire at Coinbase in 2013. Recently, he has been primarily focused on investing and supporting projects across the Solana ecosystem, and is a co-founder of Adrena, one of the leading perpetuals DEXs on Solana based on trading volume.
“We believe that digital asset treasuries are laying the blueprint for digital asset ETFs,” said David Swaney. “The ability to generate yield on assets beyond staking will be the defining differentiator, and we intend to lead this effort.”
“Our 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,” said Cailen Sullivan.
Both advisors commented:
“As advisors, we are excited to position this as the most innovative Solana-aligned treasury in the market. While scale varies among peers, our focus is value creation through capital concentration in the Solana ecosystem. By bringing assets on-chain and integrating with native projects, we believe we can deliver value to shareholders while advancing the ecosystem. Our goal is to demonstrate that strategy and alignment can rival scale and set a benchmark for Solana-native treasuries.”
Sam Lu, Chief Executive Officer of Fitell Corporation, commented:
“The launch of our Solana digital asset treasury positions Fitell at the forefront of Solana adoption in the regions of Australia and Asia Pacific. Our ambition to become the region’s largest publicly listed Solana holder underscores our conviction in the network’s long-term potential. 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 management.”
The Company will further discuss its digital asset treasury today at 4:00 p.m. ET on September 23, 2025 during a live session hosted on @MarioNawfal or @RoundtableSpace.
To support initial SOL acquisitions, the Company has entered into an up to
Rodman & Renshaw acted as exclusive placement agent for the financing.
The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Company’s Report of Foreign Private Issuer on Form 6-K to be filed with the Securities and Exchange Commission on September 23, 2025.
About Fitell Corporation
Fitell Corporation, through GD Wellness Pty Ltd (“GD”), its wholly owned subsidiary, is an online retailer of gym and fitness equipment both under its proprietary brands and other brand names in Australia. The company’s mission is to build an ecosystem with a whole fitness and wellness experience powered by technology to our customers. GD has served over 100,000 customers with large portions of sales from repeat customers over the years. The Company’s brand portfolio can be categorized into three proprietary brands under its Gym Direct brand: Muscle Motion, Rapid Motion, and FleetX, in over 2,000 stock-keeping units (SKUs). For additional information, please visit the Company’s website at www.fitellcorp.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including market and other conditions, and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
For more information, please contact:
Chief Financial Officer
Edwin Tam
edwin@gymdirect.com.au
Investor Relations
ir@fitellcorp.com
FAQ
What is Fitell Corporation's (FTEL) new Solana treasury strategy?
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