Fitell Corporation, a Nasdaq-listed Australian company, has expanded its Solana-focused treasury strategy by acquiring 216.8 million PUMP tokens for $1.5 million. This follows its earlier $10 million investment in Solana (SOL) through a $100 million convertible debt facility, giving it exposure to nearly 49,200 SOL.
The PUMP token powers Pump.fun, a Solana-based memecoin launchpad that recently overtook Hyperliquid in daily revenues, signaling rapid adoption in the ecosystem.
Analysts note that the size of Fitell’s investment is significant relative to PUMP’s modest $6.8 million market cap, highlighting potential risks. The news triggered an 8.31% drop in Fitell’s share price to $5.52.
Nonetheless, the move signals Fitell’s intent to diversify its treasury beyond SOL and align with Solana-native projects. It also comes as treasury activity in the Solana ecosystem accelerates, with VisionSys recently announcing a $2 billion Solana-based treasury.
While bold, Fitell’s strategy reflects growing institutional confidence in Solana-linked assets.
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