Sep 24, 2025
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Fitell Announces Australia’s First Solana-Based Digital Asset Treasury
Australian firm Fitell Corporation has announced a major shift in strategy by establishing the first Solana-based digital asset treasury in Australia.
- Secured up to $100M via a convertible financing facility, with an initial $10M committed to acquiring $SOL tokens.
- Plans to transform into 'Solana Australia Corporation' and pursue a dual listing on the Australian Securities Exchange (ASX).
- Aims to become the largest publicly listed $SOL holder in Australia and the broader Asia Pacific region.
Strategy and Implementation
- The treasury will not only hold tokens but actively generate yield through diversified DeFi strategies such as options, liquidity provisioning, and structured yield products.
- Veterans David Swaney and Cailen Sullivan will guide the strategy, while assets are held with BitGo Trust Company.
The pivot carries risks due to crypto volatility; indeed, Fitell's stock price surged and then pulled back following the announcement.
Despite these challenges, Fitell's disciplined approach to digital assets could outperform traditional passive staking methods, potentially setting a new standard for corporate treasuries.
Solana itself remains strong, being 47% ahead of its position a year ago, which bodes well for Fitell’s strategic shift and the broader Solana ecosystem.