Australian fitness firm Fitell extends losses after 20% drop despite $100M solana treasury deal

[Golden Solana cryptocurrencies stacked on a geometric background that reflects light]
Alvaro Fernandez Echeverria

* Australia’s Fitell Corporation (NASDAQ:FTEL [https://seekingalpha.com/symbol/FTEL]) became the country’s first Solana-focused (SOL-USD [https://seekingalpha.com/symbol/SOL-USD]) digital asset treasury after securing $100 million, but its shares fell over 20% on Wednesday before trimming losses.
* The Nasdaq-listed company was down 3.2% in Thursday's premarket, after closing Wednesday’s trading session at $6.65.
* The SOL purchase follows the first closing under the company's $100 million facility.
* Under the terms of the facility, at least 70% of the net proceeds from each subsequent closing will be allocated to cryptocurrency acquisitions for the company’s treasury reserve.
* Fitell’s shares (NASDAQ:FTEL [https://seekingalpha.com/symbol/FTEL]) are down 95% so far this year, following a significant plunge in February.

MORE ON FITELL, SOLANA

* Solana Holds Near $236 As Whale Staking Builds Pressure At Resistance [https://seekingalpha.com/article/4823481-solana-holds-near-236-as-whale-staking-builds-pressure-at-resistance]
* VanEck Crypto Monthly Recap For August 2025 [https://seekingalpha.com/article/4819926-vaneck-crypto-monthly-recap-for-august-2025]
* Solana Price Holds Channel Support As Upgrade Optimism Meets Selling Pressure [https://seekingalpha.com/article/4819791-solana-price-holds-channel-support-as-upgrade-optimism-meets-selling-pressure]
* Fitell announces 1-for-16 share consolidation [https://seekingalpha.com/news/4496380-fitell-announces-1-for-16-share-consolidation]
* CME to launch options contracts on Solana, XRP futures [https://seekingalpha.com/news/4495714-cme-to-launch-options-contracts-on-solana-xrp-futures]