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Australia-based Fitell Corporation said Thursday it has purchased 216.8 million PUMP tokens. The company said it paid $1.5 million for the tokens, according to a statement. PUMP is the native token to Pump.fun, the Solana based memecoin launchpad.
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“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 Fitell’s CEO Sam Lu. PUMP has a market cap of $2.5 billion and is up over 90% in the past month, according to The Block Price Page.
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Last month, Fitell said it had entered into an up to $100 million convertible note facility with a U.S.-based institutional investor. From the initial closing of the financing facility, $10 million was earmarked for purchasing SOL, it also said. An ambitious plan, given the Nasdaq-listed company’s market cap is a mere $6.8 million. Fitell’s shares declined 15% on Thursday to $5.14, according to Yahoo Finance.
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The company has also said that it wants to eventually generate yields by deploying SOL assets across “structured products.” Before pivoting to becoming a digital asset treasury, Fitell operated as an online retailer of gym and fitness equipment. The company plans to rebrand as Solana Australia Corporation.
