Fitell Secures $100M To Launch Solana Treasury; Plans Rebrand To Solana Australia Corp And ASX Dual Listing

Author: Benzinga Newsdesk | September 23, 2025 08:12am

- 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 $100M facility to support the launch of its Solana treasury strategy, marking the first Solana-based digital asset treasury in Australia.

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.

To support initial SOL acquisitions, the Company has entered into an up to $100M convertible note facility with a U.S.-based institutional investor, of which $10M from the initial closing will be immediately deployed to purchase SOL.

Rodman & Renshaw acted as exclusive placement agent for the financing.

Posted In: FTEL