Australian fitness equipment maker Fitell fell 21% after it announced it had purchased more than 46,000 Solana on Wednesday for around $10 million.
According to Google Finance, the NASDAQ-registered company ended its trading session on Wednesday at $6.65, up just 0.15%, and its out-of-hours sessions at $6.66.
Fitell appears to be disappointed shareholders with its Crypto purchase at least this week.
Earlier this week, shares in medical device company Helius Medical Technologies fell almost 34% after purchasing approximately $175 million in Solana.
Additionally, BNB finance companies CEA Industries, Ethereum Treasury Firm Bitmine Immersion Technologies, and the largest Bitcoin Holder Strategy Inc., fell 19.5%, 10% and 2.5%, respectively, at the end of the recent post-crypto Monday trading session.
Fitness equipment company has converted Crypto Treasury Firm
The shopping came one day after the company revealed the crypto pivot and issued a memo of $100 million convertors to accumulate Solana for the Treasury Department.
On Wednesday, he said he would use 70% of the net revenue from each transaction to buy digital currency, with the rest being used as crypto operations, on-chain activity and working capital.
“With our dedicated institutional support, we look forward to expanding our SOL position. In addition, we look forward to growing revenue and promoting the long-term value of our shareholders,” said Fitell CEO Sam Lu.
On Tuesday, the company also appointed David Swaney and Cailen Sullivan as advisors. The advisor was responsible for optimizing the company’s digital assets and treasury through a yield model and assessed the associated debt opportunities and risks.
Fitel stocks have fallen 95.69% this year, falling sharply in February after analysts called it “not overvalued.”
Solana Treasury companies currently hold a supply of 3%
Meanwhile, Solana Digital Asset Treasuries (DATS) is growing rapidly, with companies like Solmate, Helius and Defi Development Corp employing Sol for their respective finances.
Related: Defi Development Corp’s Solana Treasury is over $400 million since its latest purchase
Last week, Brera Holdings formed Solana Dat and raised $300 million before being rebranded to Solmate with the aim of focusing on creating the infrastructure for the Solana Ecosystem.
Neurotech Company Helius Medical Technologies announced on September 15th its plans to raise $500 million for Solana Dat.
The company closed its privately owned locations on September 18th, and the company has the option to raise an additional $750 million if it decides to exercise its rights.
Currently, 17 entities hold 17.04 million Solana, equivalent to 2.96% of the total supply of Solana locked by Solana Dats, according to Strategic Sol Reserve.
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