Fitell Corporation, an Australian fitness firm, has invested millions in Pump.fun (PUMP) tokens to expand its Solana-focused strategy.
In a press statement, Fitell revealed that it has added 216.8 million Pump.fun (PUMP) tokens to its corporate treasury. These tokens are valued at around $1.5 million. Notably, this marks the company’s first direct allocation to the meme-inspired Solana token.
According to Chief Executive Sam Lu, the move reflects the company’s focus on increasing its engagement with Solana’s ecosystem while simultaneously managing a more varied long-term treasury. Moreover, the company is also committed to sharing regular updates as its digital asset holdings expand.
Expanding Role in the Solana Ecosystem
The token purchase builds on Fitell’s previously announced Solana-focused treasury initiative, which it has described as Australia’s first of its kind.
To align with this strategy, the firm has initiated a rebranding effort under the name Solana Australia Corporation. This, in turn, marks the company’s transformation from fitness roots to blockchain finance.
Fitell’s broader roadmap includes building a presence in staking Solana tokens to earn rewards. In addition, it plans to participate in decentralized finance yield opportunities to generate ongoing returns.
Finally, the company also plans to explore structured products, including options and liquidity provisioning, while ensuring it applies institutional-grade infrastructure to manage risks.
Strategic Advisory Appointments
To support its expansion, Fitell has brought in two seasoned digital asset specialists.
David Swaney, active in the cryptocurrency space since 2017, brings extensive expertise in institutional integration and corporate treasury operations. Meanwhile, Cailen Sullivan, who worked at Coinbase in its early days and later co-founded Adrena, a perpetual exchange built on the Solana blockchain, brings more than ten years of experience in the blockchain industry.
Both Swaney and Sullivan are expected to play an important role in shaping a scalable and risk-conscious strategy for Fitell.
Market Reaction
The announcement had an immediate effect on the PUMP price. Specifically, the token climbed 1.7% to $0.006848, continuing its strong momentum. This, in turn, extends a 30% rally over the past week and a 90% surge in the past month. Its market capitalization now stands at $2.42 billion.
However, Fitell’s own stock moved in the opposite direction. FTEL shares closed at $5.32 on Thursday, down 11.63% in a single day and nearly 15% across the last five trading sessions.
$100M Financing Backs Treasury Growth
The Pump.fun allocation follows Fitell’s recently announced convertible note facility of up to $100 million with a U.S.-based institutional investor. From the initial funding round, $10 million has been set aside for Solana (SOL) purchases.
Fitell has set its sights on being the largest Solana holder among publicly listed companies in the Asia-Pacific.
To ensure security and compliance, the company will store its SOL assets with BitGo Trust Company in the U.S. and delegate staking to professional institutional providers.
Looking ahead, Fitell is considering a secondary listing on the Australian Stock Exchange (ASX). This move aims to broaden investor access and strengthen the company’s profile among traditional market participants.
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