Fitell Corporation Acquires $10M $SOL After $100M Raise as Digital Asset Treasuries Gain Momentum

Rapid-fire announcements from competing DATs underscore belief in their Solana-focused strategies.

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Publicly listed companies are increasingly adopting digital asset treasury (DAT) strategies, positioning themselves as early movers in a sector that blends corporate finance with blockchain infrastructure. Recent announcements from Fitell Corporation, Brera Holdings, DeFi Development Corp., and SOL Strategies highlight the growing trend of firms establishing large-scale treasuries centered around Solana.

Fitell Corporation’s $SOL Acquisition, Strategic Shift & Rebrand

Fitell Corporation, traditionally a fitness equipment company, has made a decisive pivot into digital assets. Yesterday, September 23rd, the company secured a $100 million financing facility to launch Australia’s first Solana-based treasury. Just one day after announcing the facility, Fitell has completed its first purchase of 46,144 $SOL, valued at approximately $10 million.

“This initial $10 million purchase, in one day following our $100 million financing announcement, manifests FTEL’s execution and commitment to our newly launched Solana treasury strategy. With committed institutional support, we look forward to expanding our $SOL position, in addition to growing staking revenue, and drive long-term value for shareholders.” - Chief Executive Officer, Sam Lu.

According to the terms of the facility, at least 70 percent of the net proceeds from each subsequent financing round will be allocated toward Solana acquisitions. The remaining funds will support crypto operations, onchain initiatives, and working capital.

Fitell has also outlined plans to rebrand as “Solana Australia Corporation” and pursue a dual listing on the Australian Securities Exchange. The rebrand reflects its broader repositioning from fitness equipment to digital asset management. The company has engaged DeFi veterans David Swaney and Cailen Sullivan to guide its treasury roadmap, focusing on diversified yield strategies beyond traditional staking. Assets will be custodied with BitGo Trust Company and deployed across DeFi and derivatives strategies to generate returns.

Market Reaction and Corporate Restructuring

The announcement of Fitell’s new strategy triggered heightened volatility in its stock price. Shares spiked to an intraday high of $13.78 before retreating to its current price of $6.66, according to TradingView data. The company also recently executed a 1-for-16 share consolidation, which raised the par value of its ordinary shares in preparation for its restructuring.

These moves place Fitell Corporation (fitness equipment) among a small but growing group of public companies, such as Forward Industries (design) and DeFi Development Corp. (real estate), that are building Solana-based treasuries to complement or replace their core business models.

Brera Holdings Closes $300M Raise & Rebrands as Solmate

Brera Holdings has taken a different but equally ambitious approach. Yesterday, September 23rd, the company closed an oversubscribed $300 million PIPE financing, led by UAE-based Pulsar Group with participation from ARK Invest, RockawayX, and regional investors. Following the raise, Brera announced it will rebrand as Solmate and focus on establishing a Solana-based treasury and infrastructure platform.

"Solmate offers a differentiated investment proposition, from our unparalleled proximity to capital, to our discounted entry price for SOL, to our high-performance staking platform leveraging the unique capabilities of the Solana blockchain. Our investment in bare metal servers in Abu Dhabi enables us to deliver superior validation performance and native yield generation that few others can match. This approach aims to create real value for our shareholders and contributes to the broader adoption of Solana, particularly in a strategic region like the UAE, which is rapidly becoming a global hub for blockchain innovation.” - Marco Santori, CEO of Solmate.

DeFi Development Corp. Expands Buyback Program to $100M

DeFi Development Corp. has expanded its stock repurchase program from $1 million to $100 million. The board’s authorization enables the company to repurchase its common stock on the open market under Rule 10b-18 of the Securities Exchange Act of 1934. Management will determine the timing, method, and scale of repurchases based on market conditions.

The company clarified that shares repurchased will either be retired or held as treasury stock. The expanded program offers flexibility, though management must update the board once repurchases exceed an initial $10 million threshold. While the program does not obligate the company to acquire shares, it signals confidence in its Solana-focused business model and aims to create long-term value for shareholders.

SOL Strategies Upsizes Financing

SOL Strategies Inc. has also expanded its efforts in building Solana-related treasuries. The company announced an increase in its previously announced LIFE Offering, raising the target from CAD 25 million to CAD 30 million. The upsized placement involves 4.38 million units priced at $6.85 per unit, each consisting of a common share and a purchase warrant. Warrants will be exercisable at $8.90 for a period of 36 months.

Canaccord Genuity Corp. will act as agent and sole bookrunner for the fully marketed offering. The company intends to use net proceeds for corporate purposes and investments consistent with its Solana treasury growth strategy. Closing is expected on or around October 1, 2025, subject to regulatory approvals.

A Broader Movement

Fitell, Brera, DeFi Development Corp., and SOL Strategies exemplify the rapid proliferation of digital asset treasury strategies among public companies. Their efforts reflect broader institutional interest in Solana as a blockchain ecosystem and highlight the blending of traditional corporate finance with onchain innovation. By securing large-scale financing, expanding shareholder programs, and reorienting their corporate identities, these firms are positioning themselves at the intersection of Wall Street capital and decentralized finance.

The shift raises questions about the long-term viability of these treasury models and their impact on corporate governance, investor sentiment, and market dynamics. However, the scale of recent capital raises suggests that the concept of digital asset treasuries, once experimental, is becoming a significant force in public markets.