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Fitell Corporation Completes Initial $10 million Solana (SOL) Purchase Following the First Closing under $100M Financing Facility
Taren Point, Australia, Sept. 24, 2025 (GLOBE NEWSWIRE) -- Fitell Corporation (NASDAQ: FTEL) (&#x...
About this update from First Tellurium Corp
[{"type":"text","content":"Fitell Corporation Completes Initial $10 million Solana (SOL) Purchase Following the First Closing under $100M Financing Facility\n\n\n\n Taren Point, Australia, Sept. 24, 2025 (GLOBE NEWSWIRE) -- Fitell Corporation (NASDAQ: FTEL) (“FTEL” or the “Company”), today announced its initial acquisition of 46,144 Solana (SOL) for approximately $10 million, marking the first strategic purchase under the Company’s previously announced Solana treasury initiative.\n \n\n “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” said Sam Lu, Chief Executive Officer of FTEL. “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.”\n \n\n The SOL purchase follows the first closing under the Company’s $100 million facility. FTEL intends to make additional SOL purchases using a significant portion of net proceeds from the first closing. 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, with the remainder to be used for broader crypto operations, on-chain initiatives, and working capital.\n \n\n FTEL will provide periodic updates as it expands its treasury reserve.\n \n\n\n\n About Fitell Corporation\n \n\n\n\n\n Fitell Corporation, through GD Wellness Pty Ltd (“GD”), its wholly owned subsidiary, is an online retailer of gym and fitness equipment both under its proprietary brands and other brand names in Australia. The company’s mission is to build an ecosystem with a whole fitness and wellness experience powered by technology to our customers. GD has served over 100,000 customers with large portions of sales from repeat customers over the years. The Company’s brand portfolio can be categorized into three proprietary brands under its Gym Direct brand: Muscle Motion, Rapid Motion, and FleetX, in over 2,000 stock-keeping units (SKUs). For additional information, please visit the Company’s website at\n \n\n\n www.fitellcorp.com\n \n\n\n .\n \n\n\n\n\n Forward-Looki...