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Fitell Corporation (FTEL) acquired 46,144 Solana tokens for approximately $10 million, the company announced Tuesday. The purchase represents the initial transaction under the company’s Solana treasury initiative.
The acquisition follows the first closing of the company’s $100 million financing facility. Chief Executive Officer Sam Lu stated the purchase demonstrates the company’s commitment to its Solana treasury strategy and execution capability.
According to the company, at least 70% of net proceeds from each subsequent closing under the financing facility will be allocated to cryptocurrency acquisitions for treasury reserves. The remaining funds will support crypto operations, on-chain initiatives, and working capital.
Fitell Corporation operates as an online retailer of gym and fitness equipment in Australia through its wholly owned subsidiary GD Wellness Pty Ltd. The company serves customers through proprietary brands including Muscle Motion, Rapid Motion, and FleetX across more than 2,000 stock-keeping units.
The company indicated it plans additional Solana purchases using proceeds from the financing facility and will provide periodic updates on treasury expansion activities.