Australian Solana treasury buys over 200 million PUMP tokens
Quick Take Australia-based Fitell Corporation has bought 216.8 million PUMP tokens. Last month, Fitell secured a $100 million “financing facility” to accumulate Solana.
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.
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.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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