Fitell fell 21% on Wednesday after a Solana treasury update. The company said it made a SOL purchase worth $10 million, adding over 46,000 SOL to its balance sheet.
The announcement arrived one day after Fitell revealed a $100 million convertible note for digital assets.
The Nasdaq-listed stock closed at $6.65, up 0.15% for the session. After hours, the stock printed $6.66, according to Google Finance. Trading reflected the new plan centered on a Solana treasury and onchain operations.
Fitell’s shares remain lower for the year. The company is down 95.69% in 2025 after a February slide.
Analysts previously labeled the stock “overvalued and underperforming,” which preceded the current Solana treasury move.
Solana treasury plan: funding split and operations
The company outlined how it will allocate funds from the $100 million convertible note. Fitell said 70% of net proceeds from each transaction will go into digital currencies.
The remainder will support crypto operations, onchain activities, and working capital linked to the Solana treasury rollout.
Chief executive Sam Lu described the intent to keep expanding SOL holdings.
“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,”
said Sam Lu. The quote placed staking revenue inside the operating plan for the Solana treasury.
Fitell also appointed David Swaney and Cailen Sullivan as advisers. Their task is to optimize the digital-asset treasury through yield-generating models and DeFi assessment.
The brief covers opportunity sizing and risk review for the Solana treasury program.
Solana treasury ripple: peer stock moves and buys
Other firms tied to digital-asset treasuries saw notable moves this week. Helius Medical Technologies dropped nearly 34% after disclosing a $175 million SOL purchase for its Solana DAT. The update kept attention on how a Solana treasury can affect equity prices.
CEA Industries, which references a BNB treasury approach, fell 19.5% into Monday’s close. BitMine Immersion Technologies, tied to an Ethereum treasury, slid 10% on the same day.
Strategy Inc., known for Bitcoin holdings, eased 2.5% after recent buys. These moves landed as multiple companies expanded digital-asset strategies.
The trading reactions followed announcements about raises, purchases, and operations. Firms communicated facility sizes, timing, and treasury objectives. As a result, the market tracked each Solana treasury or crypto-treasury change as it hit the tape.
Solana treasury totals: supply concentration and entities
Corporate Solana DAT balances continue to rise. According to Strategic SOL Reserve, 17 entities now hold 17.04 million SOL.
That equals 2.96% of total supply attributed to Solana DAT holdings. The tally reflects recent SOL purchase programs and Solana treasury setups.
Recent corporate actions added to that pool. Brera Holdings rebranded to Solmate after a $300 million private placement, stating it would build a Solana treasury and ecosystem infrastructure.
Meanwhile, Helius Medical Technologies outlined a plan to raise $500 million on September 15, closed a private placement on September 18, and kept an option for another $750 million, which would total $1.25 billion if exercised.
Fitell’s $10 million SOL purchase inserted over 46,000 SOL into the broader count. The company paired the buy with adviser appointments and an operations plan. The stock closed at $6.65, with after-hours $6.66, as the Solana treasury strategy advanced.
Editor at Kriptoworld
Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: August 4, 2025 • 🔄 Last updated: August 4, 2025
