Fitell Buys 216 Million PUMP Tokens, Rebrands as Solana Australia Corporation

• Fitell shifts focus by adding $1.5M PUMP to Solana treasury after $10M SOL buy. 
• Institutions hold over 18 million SOL, worth $4 billion with VisionSys & Brera leading.
• PUMP trades at $0.0072, gaining 92% in 30 days with a market cap of more than $2.5 billion. 

Fitell Corp, an Australian-based Nasdaq-listed fitness equipment company, has added to its digital asset treasury by acquiring 216.8 million PUMP tokens worth about $1.5 million. The acquisition, announced on October 2, signifies the company’s continued transformation from a fitness equipment retailer to a digital assets-focused company.

The company had already adopted a digital asset treasury strategy last month, launching a $100 million financing facility in an effort to establish its Solana-based treasury. This funding supported an initial $10 million allocation into SOL, the native coin of Solana. 

CEO Sam Lu said, “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.” 

Fitell Rebrands as Solana Australia and Expands Corporate Strategy

As part of its blockchain-focused strategy, Fitell has started rebranding itself as “Solana Australia Corporation.” It is also seeking a dual listing on the Australian Securities Exchange to widen the access for investors. The company stated all digital assets, including PUMP and SOL, will be held in custody with BitGo Trust Company and staked via institutional-grade infrastructure.

To facilitate this shift, Fitell hired two digital asset advisors. Execution and risk strategy will be led by David Swaney, who has been working in crypto treasury services since 2017, and Cailen Sullivan, co-founder of Solana-based derivatives platform Adrena and a former employee of Coinbase. 

The company plans to deploy assets in on-chain structured financial products, including staking, options and liquidity provisioning. These products will aim to produce yield while controlling exposure to volatility.

Despite these strategic changes, investor response has remained cautious. Fitell stock fell 13.62% on October 2, closing at $5.20, and has declined nearly 15% over the past week. 

In addition, the company stated its goal to become the largest publicly listed Solana holder in the Asia-Pacific region which highlights its long-term strategy to blockchain finance.

Institutional Growth in Solana Treasury Holdings

Fitell’s most recent purchase is part of a larger trend among institutions to adopt Solana-based assets. According to the Strategic Solana Reserve data, nearly 18 million SOL, worth over $4 billion, are held by public companies and investment groups. This is more than 3% of the token’s circulating supply.

Forward Industries is the largest institutional holder with 6.8 million SOL, followed by Sharps Technology and DeFi Development Corp. Other companies like Upexi, Solmate (a subsidiary of Brera Holdings) and Mercurity Fintech have also announced Solana allocations. 

Several larger initiatives are also underway, which include VisionSys AI’s $2 billion Solana treasury program supported by Marinade Finance, Helius Medical Technologies’ $500 million fundraising and Brera Holdings’ $300 million Solana strategy backed by ARK Invest and the Solana Foundation.

Also Read: Solana (SOL) Rallying Strong – Can It Smash $230 Before Heading Toward $482?

Pump.fun’s PUMP Token Surges

As of the time of writing, the PUMP token is up 3% over the last 24 hours, trading close to $0.007. The token has also increased by more than 92% over the previous 30 days and its market capitalization has grown to approximately $2.5 billion.

Source: CoinMarketCap

Furthermore, the PUMP token was launched on July 12 of this year via an initial coin offering (ICO) on the Solana blockchain. The ICO sold out in 12 minutes raising $500 million, which highlighted Pump.fun’s lead as a memecoin launchpad.

Also Read: PUMP Price Prediction: Can It Break $0.0056 Resistance and Surge Higher?