Australian Fitness Firm Tanks 21% on Solana Gamble, What Could Go Wrong?

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So, here we are again. Fitell, that Australian fitness equipment maker you’ve probably never heard of, just plummeted 21% after they went all-in on Solana (SOL). Yes, you read that right: they decided to buy 46,000 Solana, which set them back a cool $10 million. And guess what? The stock closed at a dazzling $6.65, barely moving from its 0.15% gain. Oh, but wait, after-hours trading was at $6.66. C’mon, could it be more ominous? 👀

Crypto Trouble

It’s not like this is a one-off, either. Nope. Fitell is just the latest in a growing list of companies whose stock prices have taken a nosedive after buying crypto. Earlier this week, Helius Medical Technologies dropped almost 34% after buying a chunky $175 million worth of Solana. Nice timing, guys. Can’t make this up. 😬

Let’s not forget BNB treasury company CEA Industries, Ethereum treasury firm BitMine Immersion Technologies, and Strategy Inc., the “largest Bitcoin holder” (if you can even believe that), all saw their stock prices go down after diving into the crypto world. We’re talking 19.5%, 10%, and 2.5% drops, respectively. I mean, who’s still buying crypto right now, other than *that* guy in your group chat who swears he’s got a “special feeling” about it? 🙄

Fitness Equipment Company Turned Crypto Treasury Firm

So, here’s the kicker: just a day before their crypto gamble, Fitell revealed its big plan to pivot into the world of digital currency, announcing a $100 million convertible note to fill up its Solana treasury. You know, just your average fitness company throwing around $100 million in crypto. Real subtle. 🎢

On Wednesday, they announced they’d use 70% of the proceeds from each transaction to buy more digital currencies. The rest? Well, apparently some will go to “crypto operations,” whatever that means, and the rest to “onchain activities” (which sounds like a fun weekend activity if you ask me) and working capital. The CEO, Sam Lu, said, “With committed institutional support, we look forward to expanding our SOL position, in addition to growing staking revenue.” Cool, Sam. Cool. 👍

And, hey, let’s not forget the new hires! Fitell also brought in David Swaney and Cailen Sullivan to optimize their digital asset treasury. Because who wouldn’t want to give their digital assets to someone who sounds like they could be a character from *The Big Short*?

Oh, and the cherry on top? Fitell’s shares are down a staggering 95.69% this year. I mean, I think that kind of says it all, right? Analysts already called them “overvalued and underperforming” back in February. At this point, they might need a gym membership just to lift their stock price. 🏋️‍♂️

Solana Treasury Firms: Who Knew They Were So Popular?

Meanwhile, the Solana treasure hunt is catching on like wildfire, with companies like Solmate, Helius, and DeFi Development Corp jumping on the bandwagon. Solmate, formerly known as Brera Holdings, rebranded to focus on building Solana infrastructure and raised $300 million. Because, sure, why not. All the cool companies are doing it. 😆

And don’t miss the Neurotech company Helius Medical Technologies, which announced plans to raise $500 million for its Solana Digital Asset Treasury (DAT). But wait, they might raise another $750 million. Why stop there, right? Just keep stacking. 💸

At the moment, there are 17 entities holding a total of 17.04 million Solana, locking up almost 3% of the total supply. You know, just casually taking up a sizable chunk of the market. No biggie. 💼

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2025-09-25 10:32