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I want to flag something that's bugging me, because I'm seeing a pattern emerge; one that looks eerily familiar if you were around in the dot-com boom.
Fitell - a listed gym company - has today put out a press release saying they are to rebrand to "Solana Australia Corporation."
It mirrors what we saw recently when Brera Holdings, another sports play, became Solmate.
And fair play to it for doing so: its stock surged after repositioning as a Solana treasury play.
We're seeing a trend, and to me, they suggest risk of hype outpacing business reality.
Here’s how Fitell laid out the story:
- They’ve secured up to $100 million facility to build a Solana-based digital-asset treasury.
- Deploy their SOL via DeFi/derivatives/yield strategies.
- Recall Custody via a trusted custodian, add advisors in crypto.
(Recall last week's article published on Thedani Post about how the blockchain could help the corporate treasury function? Well, I didn't quite expect the adoption to arrive in this manner!).
Sounds powerful on paper. But when a company known for gym equipment starts talking a lot more about token strategies, yield curves, SOL accumulation, dual listings on crypto-friendly exchanges etc., my immediate thought is: "We are deep in hype rebrand territory."
Brera Holdings recently did something similar - pivoting narrative, launching a Solana treasury play, rebranding as Solmate and its stock reacted strongly.
Investor expectation tends to be that this shift signals explosive growth. Whether that growth is sustainable, grounded in fundamentals, or just hype is another question.
We're seeing echoes of the dot-com bubble here.
Back then, companies as diverse as iced tea bottlers, mailing houses, and furniture retailers would rebrand themselves as “internet” businesses, often sending their stock soaring overnight just by adding ".com" to the name.
Fitell’s press release reads in a very similar register. A company that was known for gym equipment is suddenly “at the forefront of Solana adoption” and plans to rebrand as Solana Australia Corporation.
That’s a dramatic pivot, even if they frame it as a treasury management strategy.
Yes, they’ve appointed credible advisors and lined up a $100m facility to acquire SOL, but strip away the jargon about yield optimisation, snowballs, and DeFi strategies, and this is essentially a fitness equipment seller telling shareholders the future lies in being a Solana holding vehicle.
That doesn’t mean it’s a scam or that it can’t work, but it does rhyme with the late 1990s, when capital was chasing “the internet” indiscriminately, and attaching yourself to the theme was often enough to excite investors regardless of fundamentals.
The fact Fitell are talking about becoming “the region’s largest publicly listed Solana holder” feels more like a balance sheet bet than a business model.
That’s fine if you’re buying into an ETF, but unusual for a consumer products company.
So yes, this has echoes of the dot-com era. Rebranding around the hot narrative of the day can lift visibility and maybe valuation in the short term, but the long-term test will be whether the company can genuinely create value beyond just holding crypto.
If you’re venturing into this space (crypto rebrands, digital-asset treasuries, etc.), do so with your eyes open.
Be conservative in sizing, rigorous in scrutiny, and aware that what looks shiny today may feel less shiny when the honeymoon ends.