Key Notes
- Nasdaq-listed Fitell Corporation announced the launch of its Solana treasury.
- The company secured a financing facility of up to $100 million to boost this new move.
- It’s launching the SOL treasury with an initial investment of $10 million.
All odds appear to be in favor of a potential Solana
SOL
$214.2
24h volatility:
2.0%
Market cap:
$116.36 B
Vol. 24h:
$9.36 B
price breakout. This ranges from the broader growing institutional adoption of the coin, as shown in treasury reserve moves for Solana.
With the massive accumulation of Solana, the coin could be heading toward a $300 price target.
SOL Price Fails to Respond to Institutional Adoption
Fitness equipment retailer Fitell Corporation (NASDAQ: FTEL) is the latest corporate firm to launch its Solana treasury reserve. This new bet on SOL marked an entirely new pivot for the company, as it is also planning a rebrand to “Solana Australia Corporation.”
Fitell has rolled out the first Solana-based digital asset treasury in Australia by making this significant move.
To achieve this feat, the company secured a financing facility of up to $100 million. Fitell Corporation is kickstarting this new venture with an initial investment of $10 million.
Meanwhile, SOL price is yet to respond positively to the announcement. According to CoinMarketCap data, its market value is currently $221.83, with a 7.14% dip over the last 24 hours.
Amidst this resistance, analysts are projecting a potential rally to $500 and possibly $1,000 by 2026.
Institutional Adoption of SOL Treasuries
Fitell’s move follows the recent trend where publicly traded companies are diversifying their financial portfolios to include digital assets. Of course, Strategy, formerly known as MicroStrategy, has been a strong pioneer in this area.
The business intelligence and software firm currently boasts of up to 639,835 BTC in its holdings, worth approximately $72 billion.
Like Strategy with Bitcoin
BTC
$113 703
24h volatility:
1.0%
Market cap:
$2.27 T
Vol. 24h:
$49.73 B
, Fitell is aiming to become the largest publicly listed holder of SOL in Australia. In the region, this company may not face strong competition for its target, but not across the world.
In the United States, Nasdaq-listed Helius Medical Technologies (HSDT) has completed a $500 million private placement to establish a Solana treasury.
Also, Pantera Capital, which was a major contributor to Helius Medical’s $500 million fund, already holds as much as $1.1 billion in SOL, making it the fund’s largest position.
Wall Street Pepe Rides Solana’s Growing Wave
Price resistance hasn’t stopped Solana from hosting Wall Street Pepe (WEPE), the Pepe-themed crypto that’s causing a splash in the market!
Over 3.6 billion tokens have been burned as WEPE moved to Solana, reducing its supply on Ethereum
ETH
$4 176
24h volatility:
0.0%
Market cap:
$504.06 B
Vol. 24h:
$30.68 B
. This burn mechanism is one of its many perks that make it a top altcoin to place in every trader’s portfolio.
The project is known for offering trading insights and market analysis to its community. Traders are flocking to it, enjoying a high-frequency meme coin project that actively engages crypto’s influential whales.
If you want to become a part of the Wall Street Pepe army, make sure to check out our guide on how to buy WEPE.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
