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Investing.com -- Fitell Corporation (NASDAQ:FTEL) stock soared 60% after the fitness equipment provider announced plans to launch a Solana-based digital asset treasury backed by a $100 million financing facility.
The Australia-based company revealed it has secured the facility to support what it claims will be the first Solana-based digital asset treasury in Australia. Fitell intends to become the largest publicly listed holder of SOL based in Australia and plans to rebrand to "Solana Australia Corporation" following the initial launch.
The company has appointed David Swaney and Cailen Sullivan as advisors to lead its digital asset treasury strategy, which aims to generate yields by deploying SOL assets across decentralized finance (DeFi) and derivatives strategies. These include options, snowballs, on-chain liquidity provisioning, and other liquid strategies with managed downside risk.
"The launch of our Solana digital asset treasury positions Fitell at the forefront of Solana adoption in the regions of Australia and Asia Pacific," said Sam Lu, Chief Executive Officer of Fitell Corporation.
To fund initial SOL acquisitions, Fitell has entered into a convertible note facility with a U.S.-based institutional investor, with $10 million from the initial closing being immediately deployed to purchase SOL. Rodman & Renshaw acted as the exclusive placement agent for the financing.
The company has also initiated steps toward a dual listing on the Australian Securities Exchange (ASX) to broaden access for regional investors to SOL.
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