The fitness industry loves transformation stories, but Australian firm Fitell Corporation set a high bar with its own makeover. The company recently announced a major pivot: the establishment of Australia’s first Solana-based digital asset treasury.
To support this strategy, Fitell secured up to $100M via a convertible financing facility, with $10M immediately committed to acquiring $SOL tokens.
All this institutional attention to Solana is bound to shake the $SOL ecosystem (in a good way), and best altcoins like Snorter Token ($SNORT) could be the next 1000x crypto in the upcoming cycle.
Fitell’s new treasury fits in with the rapidly-evolving DAT approach, designed not simply as a passive token holding but as an active, yield-oriented engine.
It’s one of the reasons that $SOL treasuries have been growing rapidly over the past months, even while Bitcoin treasuries dominate the discussion.
Rather than relying solely on staking, the company plans to deploy its $SOL holdings across a diversified portfolio of DeFi and derivatives strategies – including options, liquidity provisioning, structured yield products, and so-called snowball instruments – all with built-in risk management.
Any returns generated will be reinvested into the treasury, compounding the firm’s $SOL exposure over time.
The idea isn’t just to buy and hold $SOL, but to create an in-house yield generation machine, powered by Solana.To guide the makeover, Fitell enlisted industry veterans David Swaney and Cailen Sullivan. The assets will be custodied with BitGo Trust Company.
Fitell intends to rename itself ‘Solana Australia Corporation,’ signaling its transformation from fitness retailer to digital asset treasury company.
The new company plans to pursue a dual listing on the Australian Securities Exchange (ASX), opening the door for regional investors to directly access its Solana exposure.
With aspirations to become the largest publicly listed $SOL holder in Australia and the broader Asia Pacific region, Fitell’s move reflects the increasing adoption of Digital Asset Treasury strategies (DATs) in the crypto space.The pivot brings its own risks. By shifting from its core fitness business into crypto, Fitell exposes itself to the full brunt of crypto’s notorious volatility. Its stock price quickly reacted: shares surged following the announcement before pulling back amidst volatility.
Still, Fitell’s deliberative strategy may yet pay off. By reinvesting yield and operating within a structured DeFi framework, the company is making a reasoned bet that a disciplined, active approach to digital assets can outperform passive staking.
It’s worth noting the Solana itself has had a wildly up-and-down year but remains 47% ahead of where it began a year ago.
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With the newly-minted Solana Australia Corporation expanding its $SOL holdings, the strength of the broader ecosystem looks firmly established, at least for the near future.
If Solana continues to perform well, Fitell’s move may herald a new era in corporate treasuries. It could offer a fresh paradigm in how non-crypto companies manage capital, blending traditional businesses with on-chain yield strategies.And for retail investors, there’s ways to gain exposure to Solana through Fitell itself – or through hot crypto presales like Snorter Token.
Authored by Aaron Walker for NewsBTC – https://www.newsbtc.com/news/first-australian-sol-treasury-plans-100m-buy-snorter-token-next-1000x-crypto
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