Overview

• Fitell secured an up-to-$100 million convertible note facility from a U.S.-based institutional investor to fund a Solana-focused digital asset treasury.
• From the initial closing, $10 million was immediately deployed to purchase roughly 46,000 SOL, with the assets held at BitGo Trust Company in the U.S.
• The firm plans to rebrand as Solana Australia Corporation and has begun steps toward a dual listing on the Australian Securities Exchange.
• Advisors David Swaney and Cailen Sullivan were appointed to design a DeFi and derivatives-based yield strategy intended to compound SOL holdings beyond simple staking.
• Shares were highly volatile, spiking to $15.79 with multiple trading halts on Tuesday before a reported 21% drop on Wednesday to around $6.65.