Australian fitness firm tanks 21% on Solana treasury gamble

Nasdaq-listed Fitell tanked on Wednesday after buying $10 million of Solana as part of a newly announced crypto treasury strategy.

Australian fitness equipment maker Fitell fell 21% on Wednesday after announcing it bought more than 46,000 Solana for around $10 million.

The Nasdaq-listed company closed Wednesday’s trading session at $6.65, only making a mere increase of 0.15% and closed the after-hours session at $6.66, according to Google Finance.

Fitell is now at least the fifth company this week that has seemingly disappointed its shareholders with crypto buying. 

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