- Australian gym equipment retailer, Fitell Corporation, yesterday announced its purchase of 216.8 million PUMP tokens valued at approximately US$1.5 million.
- It follows an earlier purchase by the company of 46,000 SOL, valued at US$10 million and reflects the company’s continued pivot towards becoming a Solana Treasury Company.
- The company, which is listed on the NASDAQ, now has plans to dual-list on the ASX and rebrand as Solana Australia Corporation.
Australian-based NASDAQ-listed online gym equipment retailer, Fitell Corporation, announced yesterday that it has purchased 216.8 million PUMP tokens, valued at around US$1.5 million (AU$2.2m).
It marks Fitell’s first purchase of PUMP; however, the company previously purchased 46,000 SOL, the native cryptocurrency of the Solana blockchain, valued at approximately US$10 million (AU$15m) in late September.
For those who don’t whittle away their hours gambling on memecoins, the PUMP token is the cryptocurrency associated with the Solana-based memecoin launchpad, pump.fun.
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.
Sam Lu, Fitell CEO
PUMP has been on something of a tear lately, with its price up around 90% in the past month and currently sitting at US$0.007, according to CoinGecko.
Fitell’s price, however, tanked on the announcement, closing the day at US$5.32 (AU$8.06), down almost 12%.
Related: Pump.fun Buys Back $65M in Tokens to Boost PUMP Price
Gains? From Gym Retailer, to Solana Treasury Company
On September 23, Fitell announced it had “secured an up to $100M facility to support the launch of its Solana treasury strategy.” Shortly afterwards, on September 24, the company announced its first US$10 million purchase of SOL. On the same day, Fitell’s share price fell by over 9% according to Yahoo Finance.
The company said that it plans to transition away from slinging gym equipment and go full Solana treasury company, outlining a roadmap designed to “generate outsized yields by deploying SOL assets across a diversified suite of on-chain DeFi and derivatives strategies.”
“The launch of our Solana digital asset treasury positions Fitell at the forefront of Solana adoption in the regions of Australia and Asia Pacific. Our ambition to become the region’s largest publicly listed Solana holder underscores our conviction in the network’s long-term potential.”
Related: Novogratz Declares ‘Season of Solana’ as Markets and Regulators Turn Favourable
Fitell also plans to list on the Australian Stock Exchange (ASX), a move the company said will broaden “access and exposure for regional investors to SOL.” The company said it plans to rebrand as Solana Australia Corporation, reflecting its new Solana-focussed business model.
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