Australian fitness equipment maker Fitell saw its stock drop 21% after purchasing over 46,000 Solana for $10 million. The Nasdaq-listed company closed at $6.65, with a minimal increase of 0.15%. Fitell joins other companies like Helius Medical Technologies in disappointing shareholders with crypto investments.

Fitell recently announced its crypto pivot, issuing a $100 million convertible note to buy Solana for its treasury. The company plans to use 70% of net proceeds to buy digital currencies and the rest for crypto operations. CEO Sam Lu aims to increase SOL position and staking revenue for long-term shareholder value.

Solana treasury firms, including Fitell, are rapidly growing, with companies like Solmate, Helius, and DeFi Development Corp adopting SOL. Brera Holdings rebranded to Solmate, focusing on Solana infrastructure after raising $300 million. Helius Medical Technologies raised $500 million for its Solana Digital Asset Treasury.

Currently, 17 entities hold 2.96% of Solana’s total supply in Solana Digital Asset Treasuries. Fitell’s stock is down 95.69% this year, with significant losses in February. Companies like Fitell and Helius are part of the growing trend of businesses integrating Solana into their treasuries for long-term value.

Read more at Cointelegraph: Fitell Becomes Australia’s First Solana Treasury Firm With $10M Buy