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Fitell Corporation, a global provider of fitness equipment and health solutions, has joined the cryptocurrency bandwagon after securing a $100M facility to support the launch of its Solana treasury strategy, according to an official announcement today.
According to the announcement, the launch of the treasury marks the first Solana-based digital asset treasury to be launched in Australia, pushing the adoption of Solana across global boundaries.
Notably, the Solana treasury strategy has been designed to generate outsized yields by deploying SOL assets across a diversified suite of on-chain DeFi and derivatives strategies. This includes structured products such as options, snowballs, on-chain liquidity provisioning, and other highly liquid strategies with managed downside risk.
Notably, each approach offers varying levels of returns, alpha generation, and duration. Returns generated will be reinvested into the treasury reserve, compounding the velocity of SOL accumulation, increasing the SOL-per-share value, and strengthening alignment with the Solana community.
 
With this development, Fitell has initiated steps toward a dual listing on the Australian Securities Exchange (ASX), broadening access and exposure for regional investors to SOL.
Following the initial launch of the Solana treasury, the Company plans to rebrand to “Solana Australia Corporation”. Nonetheless, initial SOL assets will be custodied with BitGo Trust Company, Inc. in the U.S. and staked through institutional-grade infrastructure.
In a bid to properly manage and grow the treasury, Fitell has appointed David Swaney and Cailen Sullivan as advisors to lead the Company’s digital asset treasury roadmap. With their proven expertise, the new advisors have been tasked with designing strategies to optimize treasury performance through decentralized finance (DeFi) opportunities, risk management frameworks, and yield innovation beyond traditional staking models.
David Swaney commented on the development, saying;
“We believe that digital asset treasuries are laying the blueprint for digital asset ETFs…The ability to generate yield on assets beyond staking will be the defining differentiator, and we intend to lead this effort.”
Cailen Sullivan also gave remarks on the treasury launch, saying;
“Our strategy focuses not only on Solana itself, but the broader ecosystem of applications being built on top. By deploying more assets on-chain, we aim to generate outsized returns, setting a new benchmark for performance in digital asset management while supporting the growth of DeFi applications on Solana,” said,
Speaking on their new roles as advisors leading the treasury roadmap, both Swaney and Sullivan said;
“As advisors, we are excited to position this as the most innovative Solana-aligned treasury in the market. While scale varies among peers, our focus is value creation through capital concentration in the Solana ecosystem. By bringing assets on-chain and integrating with native projects, we believe we can deliver value to shareholders while advancing the ecosystem. Our goal is to demonstrate that strategy and alignment can rival scale and set a benchmark for Solana native treasuries.”
Elaborating on the vision behind the launch of the Solana digital asset treasury, Sam Lu, Chief Executive Officer of Fitell Corporation, said;
“The launch of our Solana digital asset treasury positions Fitell at the forefront of Solana adoption in the regions of Australia and Asia Pacific. Our ambition to become the region’s largest publicly listed Solana holder underscores our conviction in the network’s long-term potential. With the expertise of David Swaney and Cailen Sullivan, we are excited to execute on a roadmap that combines innovation, yield generation, and disciplined risk management.”
To support initial SOL acquisitions, the Company has entered into a convertible note facility of up to $100 million with a U.S.-based institutional investor, of which $10 million from the initial closing will be immediately deployed to purchase SOL.
The announcement further revealed that the company plans to discuss its digital asset treasury further on September 23 at 4:00 p.m. ET. Hence, potential supporters can get further information on the treasury.