Schedule 13G: ATW Entities Report 172,511 Shares (9.9%) in Fitell

Rhea-AI Filing Summary

Fitell Corporation received a joint Schedule 13G from several ATW-related reporting persons disclosing shared beneficial ownership of 172,511 Class A Ordinary Shares, representing 9.9% of the class on a converted-equivalent basis. The shares reported reflect convertible debt held by ATW Digital Asset Opportunities IX LLC that can be converted into shares but is subject to a blocker preventing conversion that would raise ownership above 9.99%. The filing names the Holding Company, the Fund (ATW Master Fund V LP), the Adviser (ATW Partners Opportunities Management, LLC) and two control persons (Kerry Propper and Antonio Ruiz-Gimenez) and shows no sole voting or dispositive power (all voting and dispositive power is shared). The issuer address is provided as 23-25 Mangrove Lane, Taren Point NSW, C3 2229.

Positive

• Transparent disclosure of a sizeable economic position (172,511 shares) and the relationships among the Holding Company, Fund, Adviser, and control persons
• Blocker mechanism explicitly limits automatic conversion above 9.99%, reducing the risk of an immediate >10% ownership change
• No sole voting or dispositive power reported, indicating decisions are shared among the reporting persons

Negative

• Concentrated exposure of 9.9% is material and could influence market perception of ownership concentration
• Conversion reliance: the reported percentage is based on convertible debt rather than current shares, meaning actual voting dynamics could change if conversion terms or the blocker change

Insights

Financial Analyst

TL;DR: A near-10% economic stake via convertible debt is disclosed; conversion is limited by a blocker that keeps reported ownership at 9.9%.

The filing reports an aggregate economic exposure of 172,511 shares (9.9%) across ATW entities and named individuals, calculated by including convertible debt subject to a blocker that prevents conversion above 9.99%. For investors this is material because it signals a concentrated holder with potential to increase economic exposure up to, but not exceeding, the 9.99% threshold without removing the blocker. Reported governance rights are shared, with 0 sole voting or dispositive power, indicating coordinated control rather than unilateral control. The disclosure is clear on the legal relationships among the Holding Company, Fund, Adviser, and Control Persons.

Corporate Governance Expert

TL;DR: Joint filing shows coordinated ownership and shared control; blocker restricts conversion-triggered ownership increases above 9.99%.

The Schedule 13G identifies the Adviser and two control persons as having shared voting and dispositive power over the same 172,511 shares derived from convertible debt. The explicit disclaimer of beneficial ownership except for pecuniary interest and the existence of a conversion blocker are important governance details: they clarify that the position is reported on an economic-conversion basis while limiting automatic voting/control shifts from conversion. The joint signature and Exhibit I (Joint Filing Statement) confirm the coordinated, not unilateral, nature of the arrangement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Fitell Corporation

(Name of Issuer)

Class A Ordinary Shares

(Title of Class of Securities)

G35150138

(CUSIP Number)

09/22/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G35150138

1

Names of Reporting Persons

ATW Digital Asset Opportunities IX LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 172,511.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 172,511.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

172,511.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

CUSIP No. G35150138

1

Names of Reporting Persons

ATW Master Fund V LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 172,511.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 172,511.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

172,511.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

CUSIP No. G35150138

1

Names of Reporting Persons

ATW Partners Opportunities Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 172,511.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 172,511.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

172,511.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

CUSIP No. G35150138

1

Names of Reporting Persons

Kerry Propper

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 172,511.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 172,511.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

172,511.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

CUSIP No. G35150138

1

Names of Reporting Persons

Antonio Ruiz-Gimenez

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SPAIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 172,511.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 172,511.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

172,511.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Fitell Corporation
(b)	Address of issuer's principal executive offices: 23-25 Mangrove Lane Taren Point NSW, C3 2229
Item 2.
(a)	Name of person filing: ATW Digital Asset Opportunities IX LLC* ATW Master Fund V LP* ATW Partners Opportunities Management, LLC* Kerry Propper* Antonio Ruiz-Gimenez*
(b)	Address or principal business office or, if none, residence: 1 Pennsylvania Plaza, Suite 4810 New York, New York 10119
(c)	Citizenship: ATW Digital Asset Opportunities IX LLC - Delaware ATW Master Fund V LP - Delaware ATW Partners Opportunities Management, LLC - Delaware Kerry Propper - United States Antonio Ruiz-Gimenez - Spain
(d)	Title of class of securities: Class A Ordinary Shares
(e)	CUSIP No.: G35150138
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: ATW Digital Asset Opportunities IX LLC - 172,511* ATW Master Fund V LP - 172,511* ATW Partners Opportunities Management, LLC - 172,511* Kerry Propper - 172,511* Antonio Ruiz-Gimenez - 172,511* *The Class A Ordinary Shares (the "Shares") of Fitell Corporation (the "Issuer") reported herein represents the approximate amount of Shares that ATW Digital Asset Opportunities IX LLC (the "Holding Company") can acquire through the exercise of convertible debt. The Holding Company is wholly owned by the private fund, ATW Master Fund V LP (the "Fund"). ATW Partners Opportunities Management, LLC (the "Adviser") serves as the investment manager to the Fund. Antonio Ruiz-Gimenez and Kerry Propper are the control persons of the Adviser (the "Control Persons", and collectively with the Holding Company, Fund, and Adviser, the "Reporting Persons"). By virtue of these relationships, the Reporting Persons may be deemed to have shared voting and dispositive power with respect to the Shares owned directly by the Holding Company. As of the date which required this filing, the Holding Company held convertible debt which is subject to a blocker which prevents the Holding Company from converting into Shares to the extent that, upon such conversion, the Holding Company, together with its affiliates, would beneficially own in excess of 9.99% of the Shares outstanding as a result of such conversion (the "Blocker"). As such, the percent of class reported herein is giving effect to the Blocker and is based upon the number of Shares outstanding plus the approximate total number of Shares that the Reporting Persons have acquired and/or can acquire upon the conversion of convertible debt subject to the Blocker in accordance with Rule 13d-3(d)(1)(i) under the Act. This report shall not be deemed an admission that the Reporting Persons are beneficial owners of the Shares for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of the Reporting Persons pecuniary interest, if any, therein.
(b)	Percent of class: ATW Digital Asset Opportunities IX LLC - 9.9% ATW Master Fund V LP - 9.9% ATW Partners Opportunities Management, LLC - 9.9% Kerry Propper - 9.9% Antonio Ruiz-Gimenez - 9.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: ATW Digital Asset Opportunities IX LLC - 0 ATW Master Fund V LP - 0 ATW Partners Opportunities Management, LLC - 0 Kerry Propper - 0 Antonio Ruiz-Gimenez - 0
	(ii) Shared power to vote or to direct the vote: ATW Digital Asset Opportunities IX LLC - 172,511* ATW Master Fund V LP - 172,511* ATW Partners Opportunities Management, LLC - 172,511* Kerry Propper - 172,511* Antonio Ruiz-Gimenez - 172,511*
	(iii) Sole power to dispose or to direct the disposition of: ATW Digital Asset Opportunities IX LLC - 0 ATW Master Fund V LP - 0 ATW Partners Opportunities Management, LLC - 0 Kerry Propper - 0 Antonio Ruiz-Gimenez - 0
	(iv) Shared power to dispose or to direct the disposition of: ATW Digital Asset Opportunities IX LLC - 172,511* ATW Master Fund V LP - 172,511* ATW Partners Opportunities Management, LLC - 172,511* Kerry Propper - 172,511* Antonio Ruiz-Gimenez - 172,511*
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

ATW Digital Asset Opportunities IX LLC

Signature:	/s/ Kerry Propper
Name/Title:	Kerry Propper, a Managing Member of its Manager
Date:	10/02/2025

ATW Master Fund V LP

Signature:	/s/ Kerry Propper
Name/Title:	Kerry Propper, a Managing Member of the General Partner
Date:	10/02/2025

ATW Partners Opportunities Management, LLC

Signature:	/s/ Kerry Propper
Name/Title:	Kerry Propper, a Managing Member
Date:	10/02/2025

Kerry Propper

Signature:	/s/ Kerry Propper
Name/Title:	Individually
Date:	10/02/2025

Antonio Ruiz-Gimenez

Signature:	/s/ Antonio Ruiz-Gimenez
Name/Title:	Individually
Date:	10/02/2025

Exhibit Information

Exhibit I - JOINT FILING STATEMENT

FAQ

How many shares of FTEL does the filing report and what percent of the class is that?

The filing reports 172,511 Class A Ordinary Shares, representing 9.9% of the class on a converted-equivalent basis.

Which entities and individuals filed the Schedule 13G for FTEL?

The filing was made jointly by ATW Digital Asset Opportunities IX LLC, ATW Master Fund V LP, ATW Partners Opportunities Management, LLC, and individuals Kerry Propper and Antonio Ruiz-Gimenez.

Does any reporting person have sole voting or dispositive power over the FTEL shares?

No. The filing reports 0 sole voting power and 0 sole dispositive power; all reported voting and dispositive power is shared (172,511 shares).

What is the conversion blocker described in the FTEL filing?

The Holding Company holds convertible debt that is subject to a blocker preventing conversion to the extent conversion would cause beneficial ownership to exceed 9.99% of outstanding shares; the reported 9.9% gives effect to that blocker.

Where is Fitell Corporation's principal executive office listed in the filing?

The issuer address is given as 23-25 Mangrove Lane, Taren Point NSW, C3 2229.