Lucía Peña
Fitell Corporation (Nasdaq: FTEL) announced on Tuesday that it has locked in a $100 million financing facility to begin building a Solana-based digital asset treasury (DAT). As part of this shift, the company revealed plans to rebrand itself as Solana Australia Corporation, marking its transition into the blockchain space.
The company claims it is the first Solana-centered digital treasury in Australia, aiming to establish itself as a pioneer in this emerging field.
According to the statement, the new treasury will go beyond simple staking. Fitell intends to deploy its SOL holdings across structured products such as options, snowballs, and on-chain liquidity strategies, while applying mechanisms to limit downside risk.
David Swaney, an advisor recently brought on to guide the initiative, emphasized the broader implications: “Digital asset treasuries are paving the way for future ETFs. The ability to generate yield outside of staking will separate the leaders from the rest, and we want to be at the forefront of this movement.”
Backing the Strategy with $100M in Funding
To fund these Solana purchases, Fitell has entered into a convertible note facility worth up to $100 million with a U.S.-based institutional investor. From the initial round, $10 million will be deployed immediately to acquire SOL tokens.
This strategy mirrors a growing trend. In 2025 alone, over $20 billion has been allocated into digital asset treasuries, with the majority targeting Bitcoin, Ethereum, and Solana. Major players in the Solana DAT sector include Upexi, Sharps Technology, and DeFi Development. Meanwhile, Forward Technology, supported by Galaxy Digital, Jump Crypto, and Multicoin Capital, is aiming to raise up to $4 billion to expand its Solana-focused treasury.
Market Reaction to Fitell’s Announcement
The market responded swiftly to the news. Fitell’s shares surged more than 50% early Tuesday, climbing to $13.63, before retracing to around $7.86 by press time, according to Google Finance.
