Nasdaq-listed company invests $1.5 million in Solana-based memecoin ecosystem
Fitell Corporation, an Australia-based firm, has purchased 216.8 million PUMP tokens in a move that expands its digital asset strategy tied to the Solana ecosystem. The Nasdaq-listed company confirmed the $1.5 million acquisition on Thursday, highlighting its growing focus on blockchain-based treasuries.
PUMP is the native token of Pump.fun, a memecoin launchpad built on Solana. The token has gained strong traction, with a current market capitalization of $2.5 billion and a 90% increase in value over the past month.
“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 CEO Sam Lu.
The purchase follows Fitell’s announcement last month of a $100 million convertible note facility with a U.S.-based institutional investor. Of that financing, $10 million was earmarked for Solana (SOL) purchases, underscoring the company’s commitment to building a Solana-focused digital treasury.
Market reaction and company strategy
Despite the bold move, Fitell’s shares dropped 15% to $5.14 on Thursday, according to Yahoo Finance. The decline comes even as the firm positions itself as a treasury vehicle for Solana-based assets. With a current market cap of just $6.8 million, the strategy reflects an ambitious pivot from its past operations.
Originally an online retailer of gym and fitness equipment, the company has been shifting its identity. Fitell recently disclosed plans to rebrand as Solana Australia Corporation, aligning its corporate image with its digital asset focus.
Beyond token accumulation, Fitell has indicated that it plans to deploy its SOL assets into structured products aimed at generating yield. This approach is intended to support revenue growth and strengthen its long-term position in the competitive digital asset market.
The investment marks one of the largest treasury moves into Solana-based tokens by an Australian-listed firm, reflecting both the rising global demand for Solana assets and the growing importance of blockchain-native treasuries in corporate finance.
Disclaimer
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