Australia-based Fitell Corporation disclosed Thursday it purchased 216.8 million PUMP tokens for $1.5 million, deepening its commitment to the Solana ecosystem. The tokens represent the native asset of Pump.fun, a meme coin launchpad built on the Solana network.
CEO Sam Lu said the acquisition allows Fitell to diversify its digital asset holdings while participating in Solana's expansion. The move positions the company to capture long-term growth opportunities for stakeholders through broader cryptocurrency exposure.
PUMP currently holds a market capitalization of $2.5 billion and has surged over 90 % during the past month. The token's strong performance reflects growing activity on the Pump.fun platform and broader interest in Solana-based assets.
Fitell secured an up to $100 million convertible note facility with a U.S.-based institutional investor last month. The financing arrangement allocated $10 million from the initial closing specifically for purchasing Solana tokens.
The Nasdaq-listed company operates with a market cap of just $6.8 million, making its digital asset strategy notably ambitious relative to its equity valuation. Fitell shares declined 15 % Thursday to $5.14, according to Yahoo Finance data.
Beyond acquiring tokens, Fitell plans to eventually generate yields by deploying Solana assets across structured products. This approach aims to create additional revenue streams from the company's growing digital asset treasury.
Before pivoting to cryptocurrency holdings, Fitell operated as an online retailer specializing in gym and fitness equipment. The company intends to rebrand as Solana Australia Corporation, signaling its commitment to becoming a major player in the Solana ecosystem.
The transaction demonstrates how smaller public companies are adopting digital asset treasury strategies. Fitell joins a growing number of firms using corporate balance sheets to gain exposure to cryptocurrency markets and blockchain networks.