CMC News

Solana Treasury Fitell Corporation Buys 216.8M $PUMP Tokens

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 $SOL 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 $SOL 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 $SOL 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 $SOL ecosystem.

The transaction demonstrates how smaller public companies are adopting digital asset treasury strategies.