Australia-based Fitell Corporation announced on Thursday it would purchase 226.8 million pump tokens and pay $1.5 million for the purchase.
The Pump is a native token for PumpFun, the MemeCoin launch platform within the Solana Ecosystem. The token’s market capitalization is around $2.5 billion, and its price has risen by more than 90% over the past month.
Fitell CEO Sam Lu commented on the investment in the following words:
“We aim to gain long-term growth opportunities for stakeholders by deepening our participation in Solana’s growth story and diversifying our digital asset portfolio.”
Last month, the company announced a convertible bond agreement with US-based institutional investors for up to $100 million. It was also announced that the initial $10 million allocated under this Agreement will be used to acquire the SOL.
Fitell’s move is extremely ambitious for a NASDAQ-listed company with a market capitalization of just $6.8 billion. The company’s shares fell 15% to $5.14 after the acquisition was announced.
*This is not investment advice.
