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Nasdaq-listed Fitell plunged on Wednesday after it purchased $10 million of Solana (SOL) as part of a newly announced crypto treasury strategy.  Australian fitness equipment maker Fitell fell 21% on Wednesday after announcing the purchase of more than 46,000 Solana (SOL) for approximately $10 million. According to Google Finance data, the Nasdaq-listed company closed at $6.65 during Wednesday's trading session, up only 0.15%, and closed at $6.66 in after-hours trading.  Fitell is now at least the fifth company this week to appear to have disappointed shareholders with its cryptocurrency purchases. Earlier this week, shares of medical device company Helius Medical Technologies fell nearly 34% after buying about $175 million of SOL. Additionally, BNB treasury company CEA Industries, ethereum treasury company BitMine Immersion Technologies, and largest Bitcoin holder Strategy Inc. were down 19.5%, 10%, and 2.5% respectively at the end of Monday’s trading session, all following some recent cryptocurrency purchases. Fitness Equipment Company Transforms into Crypto Treasury CompanyThe purchase comes just one day after the company revealed its crypto transition, issuing $100 million in convertible bonds to build SOL for its treasury. On Wednesday, the company said it would use 70% of the net proceeds from each transaction to purchase digital currencies, with the remainder used for crypto operations, on-chain activities and working capital. "With the commitment of institutional support, we look forward to expanding our SOL holdings while increasing staking revenue to create long-term value for shareholders," said Sam Lu, CEO of Fitell. The company on Tuesday also appointed David Swaney and Cailen Sullivan as advisors, who will be tasked with optimizing the company’s digital asset treasury through revenue generation models and assessing DeFi opportunities and their associated risks. Fitell shares are down 95.69% this year, plummeting in February after analysts called it "overvalued and underperforming." Solana Treasury Company now holds 3% of supplyAt the same time, Solana Digital Asset Treasury (DAT) is growing rapidly, and companies such as Solmate, Helius, and DeFi Development Corp have included SOL in their respective treasury. Last week, Brera Holdings changed its name to Solmate with the intention of building Solana DAT and focusing on creating infrastructure for the Solana ecosystem, after raising $300 million. Neurotechnology company Helius Medical Technologies on September 15 announced plans to raise $500 million for its Solana DAT. The company completed a private placement on September 18 and has the option to raise an additional $750 million if it decides to exercise its rights, which would bring the total raised to $1.25 billion. According to Strategic SOL Reserve data, 17 entities currently hold 17.04 million SOL, accounting for 2.96% of the total supply of Solana locked in Solana DAT. Kind tipsCryptocurrencies are highly speculative and emotionally volatile. For sound investment, it is crucial that an independent risk management system should be established. Paying attention to one's own investment philosophy rather than blind guessing is a key quality for successful investors. 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