Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury

Paul
2 hours ago Updated 1 hour ago
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Solana and PUMP tokens displayed together, highlighting treasury and ecosystem growth.

Highlights

  • Fitell expands Solana treasury with $1.5M PUMP purchase, boosting diversification strategy.
  • The company is now rebranding as Solana Australia after bold token treasury allocation.
  • PUMP futures activity cools despite 90% surge in market cap and rising open interest.

Australia’s Fitell Corporation has purchased 216.8 million PUMP tokens for $1.5 million. The Nasdaq-listed company says the buy is part of an expanding Solana-centric treasury strategy.

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Fitell Holds $10 Million in Solana Before Buying PUMP

Based on the press release, Fitell initially allocated $10 million to acquire SOL (Solana’s native token) as part of a $100 million convertible debt facility. With SOL trading around $203.27 at present, that $10 million would represent approximately 49,200 SOL tokens.

Therefore, Fitell had significant SOL holdings even before adding PUMP tokens. The new PUMP purchase supplements that base allocation, rather than replacing it.

PUMP is the token behind Pump.fun, a Solana-based memecoin launchpad. Recently, Pump.fun surpassed Hyperliquid in daily revenues, highlighting rapid growth for the Solana-based platform.

Fitell’s move follows its earlier announcement of the convertible note facility, which funded initial SOL purchases and now supports broader diversification.

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Fitell Rebrands into Solana Treasury

For Fitell, the scale of its PUMP purchase is bold. With a market cap of only $6.8 million, the $1.5 million token buy is a substantial bet. After the news, its share price dropped 8.31% to $5.52.

Fitell stock drops to $5.52 after PUMP token purchase.
Fitell’s stock fell over 8% as investors reacted to its $1.5M PUMP token buy.

Analysts suggested that such a large token allocation, relative to Fitell’s value, highlights huge risks. Meanwhile, broader Solana treasury activity is accelerating, with VisionSys recently launching a $2 billion Solana-based treasury.

Fitell’s action suggests that it’s planning for the future. The company plans to deploy its SOL and PUMP token holdings in structured yield products. That strategy reflects its shift from fitness equipment retailer to digital asset treasury operator. Furthermore, the firm is planning a rebrand to “Solana Australia Corporation” to underscore its new direction.

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PUMP Price Gains Slow as Futures Activity Cools

Market data shows Pump.fun has surged over 90% in market cap over the past month to around $2.5 billion.

The token’s momentum has also been boosted by Bitcoin’s recent rally. BTC price is close to $119,500 at the time of writing. This has lifted broader market sentiment and supported inflows into Solana-based assets like PUMP. Adding institutional interest like this could reshape how such meme tokens are perceived.

On the derivatives markets, Coinglass reports that PUMP open interest is near $190 million. Its Long to short position ratio on Binance is 0.98, indicating an even sentiment.

However, the PUMP token trading volume reduced by nearly 30% to $466.8 million. This indicates a drop in futures activity even though the number of open positions is rising.

On TradingView, PUMP price is hovering near $0.00707, up about 1% intraday. During the earlier trading session, its price traded above $0.00720.

PUMP token price shows volatile intraday swings near $0.007.
PUMP traded around $0.007 with sharp intraday swings, highlighting ongoing volatility.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others. He holds a degree in Geophysics from OAU, Nigeria. When he's not writing, he loves watching soccer and reading educative journals. He can be reached via [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.