Australia-based Fitell Corporation has stepped further into the world of digital assets, announcing on Thursday that it purchased 216.8 million PUMP tokens for $1.5 million. PUMP is the native token of Pump.fun, a Solana-based launchpad for memecoins.
The acquisition marks a significant expansion of Fitell’s digital treasury strategy.
“We are deepening our participation in Solana’s growth story, while diversifying our digital asset treasury to position us to capture long-term growth opportunities for our stakeholders,” said CEO Sam Lu in a statement.
Fitell CorporationPUMP has been one of the standout tokens on the Solana blockchain, boasting a market capitalization of around $2.5 billion and climbing more than 90% over the past month, according to market data.
This latest move follows Fitell’s announcement in September that it had secured up to $100 million in convertible note financing from a U.S.-based institutional investor. Of that facility, $10 million was allocated for purchasing SOL, Solana’s native token. The strategy appears ambitious given Fitell’s own market capitalization of just $6.8 million. Its Nasdaq-listed shares slid 15% on Thursday to $5.14, per Yahoo Finance.
Fitell has also stated that it intends to generate yields by deploying its SOL holdings into structured financial products, signaling a long-term commitment to blockchain-based revenue streams.
The company, which originally operated as an online seller of gym and fitness equipment, has undergone a major pivot to digital assets. As part of this transformation, it plans to rebrand under the name Solana Australia Corporation, aligning its identity with the blockchain ecosystem it is now heavily investing in.
