Digital Asset Treasury Advisors

Fitell has appointed David Swaney and Cailen Sullivan as advisors to lead the Company’s digital asset treasury roadmap. Their mandate focuses on designing strategies to optimize treasury performance through decentralized finance (DeFi) opportunities, risk management frameworks, and yield innovation beyond traditional staking models.

• David Swaney has been active in the digital asset space since 2017, focusing on institutional adoption of on-chain finance. His extensive advisory and consulting experience spans treasury design, structured yield strategies, and market infrastructure.
• Cailen Sullivan has been active in the digital asset space for over a decade and was an early hire at Coinbase in 2013. Recently, he has been primarily focused on investing and supporting projects across the Solana ecosystem, and is a co-founder of Adrena, one of the leading perpetuals DEXs on Solana based on trading volume.

“We believe that digital asset treasuries are laying the blueprint for digital asset ETFs,” said David Swaney. “The ability to generate yield on assets beyond staking will be the defining differentiator, and we intend to lead this effort.”

“Our strategy focuses not only on Solana itself, but the broader ecosystem of applications being built on top. By deploying more assets on-chain, we aim to generate outsized returns, setting a new benchmark for performance in digital asset management while supporting the growth of DeFi applications on Solana,” said Cailen Sullivan.

Both advisors commented:

“As advisors, we are excited to position this as the most innovative Solana-aligned treasury in the market. While scale varies among peers, our focus is value creation through capital concentration in the Solana ecosystem. By bringing assets on-chain and integrating with native projects, we believe we can deliver value to shareholders while advancing the ecosystem. Our goal is to demonstrate that strategy and alignment can rival scale and set a benchmark for Solana-native treasuries.”

Sam Lu, Chief Executive Officer of Fitell Corporation, commented:

“The launch of our Solana digital asset treasury positions Fitell at the forefront of Solana adoption in the regions of Australia and Asia Pacific. Our ambition to become the region’s largest publicly listed Solana holder underscores our conviction in the network’s long-term potential. With the expertise of David Swaney and Cailen Sullivan, we are excited to execute on a roadmap that combines innovation, yield generation, and disciplined risk management.”

The Company will further discuss its digital asset treasury today at 4:00 p.m. ET on September 23, 2025 during a live session hosted on @MarioNawfal or @RoundtableSpace.

To support initial SOL acquisitions, the Company has entered into an up to $100M convertible note facility with a U.S.-based institutional investor, of which $10M from the initial closing will be immediately deployed to purchase SOL.

Rodman & Renshaw acted as exclusive placement agent for the financing.

The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Company’s Report of Foreign Private Issuer on Form 6-K to be filed with the Securities and Exchange Commission on September 23, 2025.