Overview

• Fitell entered an up to $100 million convertible note with a U.S.-based institutional investor, with $10 million from the first closing immediately used to buy SOL.
• Initial SOL assets will be custodied with BitGo Trust Company in the U.S. and staked using institutional-grade infrastructure, with Rodman & Renshaw serving as exclusive placement agent.
• The company appointed David Swaney and Cailen Sullivan to lead an on-chain yield program using options, snowballs, and liquidity provisioning, with returns reinvested to compound SOL holdings.
• Following the treasury launch, the company plans to rebrand to Solana Australia Corporation and has begun steps toward an ASX dual listing, targeting leadership in Australian public SOL ownership.
• Shares saw sharp intraday swings and multiple trading halts following the announcement, according to market reports, as the move joins a broader wave of corporate Solana treasury strategies.