Solana DATs Arrive In Australia: Fitell Corporation Announces $100M SOL Treasury Strategy
As Solana makes an attempt to reclaim the $220 stage as help, an Australian-based agency has joined the development of Digital Asset Treasury (DAT) firms with a $100 million financing facility for the launch of a brand new SOL treasury technique.
First Australia-Based Solana Treasury
On Tuesday, Nasdaq-listed Fitell Corporation, a world supplier of health tools and well being options, unveiled the launch of the primary Solana-based digital asset treasury in Australia.
According to the announcement, the corporate has secured a $100 million convertible word facility with a US-based institutional investor to help the launch of its SOL treasury technique. Notably, $10 million from the preliminary closing might be instantly deployed to buy the altcoin.
Following the launch of the Treasury, Fitell plans to rebrand to “Solana Australia Corporation.” Additionally, it has initiated steps for a twin itemizing on the Australian Securities Exchange (ASX).
The DAT is anticipated to generate yields by deploying SOL assets throughout a “diversified suite of on-chain DeFi and derivatives methods,” together with structured merchandise comparable to choices, snowballs, on-chain liquidity provisioning, and different extremely liquid methods with managed draw back threat.
Meanwhile, returns generated might be reinvested into the treasury reserve, the corporate defined. Cailen Sullivan, considered one of Fitell’s advisors, affirmed that their technique “focuses not solely on Solana itself, however the broader ecosystem of functions being constructed on prime.”
“By deploying extra belongings on-chain, we intention to generate outsized returns, setting a brand new benchmark for efficiency in digital asset administration whereas supporting the expansion of DeFi functions on Solana,” Sullivan added.
SOL Corporate Adoption Continues
Fitell Corporation’s CEO, Sam Lu, expressed the corporate’s ambition to grow to be the most important publicly listed SOL holder in Australia and the Asia Pacific areas:
The launch of our Solana digital asset treasury positions Fitell on the forefront of Solana adoption within the areas of Australia and Asia Pacific. (…) With the experience of David Swaney and Cailen Sullivan, we’re excited to execute on a roadmap that mixes innovation, yield era, and disciplined threat administration.
This initiative follows the latest push for Solana-focused DATs, which have seen a whole bunch of tens of millions of {dollars} invested within the methods this month. Last week, neurotech firm Helius Medical Technology revealed the launch of a $500 million SOL treasury technique backed by Pantera Capital and Summer Capital.
The Pennsylvania-based firm introduced the primary buy for its DAT technique on Monday, including 760,190 SOL, value roughly $168 million, at a mean buy value of $231.
Similarly, Nasdaq-listed Forward Industries Inc. has unveiled its plan to deliver its fairness to the blockchain. According to the announcement, the corporate has partnered with monetary know-how agency Superstate to permit stockholders to tokenize and maintain FORD shares on the Solana blockchain.
Forward Industries Inc. is presently the most important company SOL Treasury, efficiently closing a $1.65 billion personal funding in public fairness (PIPE) earlier this month to buy the cryptocurrency, stake it, and generate extra returns.
Bitwise’s CIO Matt Hougan suggested that robust company treasury purchases and the extremely anticipated approval of spot SOL exchange-traded funds (ETFs) may begin a “Solana Season” within the coming months.
As of this writing, SOL is buying and selling at $220, a 6.7% decline within the weekly timeframe.