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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.
“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.
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.
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.
