An Australian company listed on Nasdaq, Fitell Corporation, just made a notable move. The online fitness gear seller spent $1.5 million to buy PUMP tokens, marking the first time a public company has added PUMP to its balance sheet. This isn’t just a random purchase; it’s a clear signal about Fitell’s deepening commitment to the Solana ecosystem.
PUMP tokens are the native asset of Pump.fun, a platform known for launching new memecoins on the Solana blockchain. Fitell announced the acquisition of 216.8 million PUMP tokens in a press release on Thursday, October 2nd. The deal officially closed on October 1st. This move shows the company’s push to diversify its digital asset holdings.
The news about the PUMP purchase came just three days after Fitell first shared its plans to hold these tokens. They called it a “natural extension” of their Solana-focused treasury strategy.
Sam Lu, Fitell’s CEO, spoke about the decision. “Adding PUMP to our treasury is the next step in our digital asset plan,” he said on Monday. “It helps us connect even more with the Solana community.” Lu also highlighted the speed of their actions today, saying, “Again, we moved fast from idea to action. We’re getting more involved in Solana’s growth story. This also diversifies our digital assets, putting us in a good spot to grab long-term growth for our shareholders.”
A New Path for PUMP
This purchase makes Fitell a pioneer. It’s the first time a publicly traded company has directly bought PUMP tokens.
Pump.fun is a major launchpad on Solana. It earns money through listing fees and transactions. Part of these earnings goes back into buying and “burning” PUMP tokens. This process reduces the total number of tokens available, linking the token’s value to the platform’s success. PUMP’s price has climbed 90% in the last month, reaching a market value of $2.5 billion, according to CoinGecko.
Fitell’s Wider Solana Plans
Fitell’s embrace of PUMP is part of a bigger change for the company. They previously secured a $100 million convertible credit line from a U.S. institutional investor, using $10 million initially to buy SOL tokens.
Fitell’s CEO showed strong belief in the project. “The Solana ecosystem keeps growing fast in blockchain,” he noted. “PUMP shows both new ideas and momentum within it.”
Through its subsidiary, GD Wellness Pty Ltd, Fitell serves over 100,000 customers with brands like Muscle Motion, Rapid Motion, and FleetX. The company is also looking into using blockchain within its operations and for customer programs, such as loyalty rewards on Solana. They are also checking out assets like USDC and Worldcoin.
Fitell plans to change its name to Solana Australia Corporation. It also aims to make money by putting its SOL assets into “structured products.” However, this news did not come without some bumps. Fitell’s shares dropped 15% to $5.14 during Thursday’s trading session, according to Yahoo Finance data.
Solana Treasuries on the Rise
This announcement comes as more institutions show interest in cryptocurrencies. In 2025, many companies, both public and private, have started financial plans around crypto. Most have chosen Bitcoin as their main treasury asset. However, others are picking altcoins like Ethereum, XRP, and Solana.
The Solana ecosystem, in particular, has caught the eye of several companies. Just last month, Galaxy Digital, Jump Crypto, and Multicoin Capital pledged $1.65 billion. This money will back Forward Industries, a new public Solana treasury company that will buy and stake SOL.
Other public companies already betting on Solana include Upexi, DeFi Development Corp, Sol Strategies, and Sharps Technology. Beijing-based VisionSys AI also joined this growing list just this week.
Fitell has committed to giving regular updates on its digital treasury growth. This shows how corporate crypto adoption can mean both exciting new ideas and potential risks.
The price of SOL sits at $231 as of this writing. It gained 5.6% in the last 24 hours and more than 12% over the past month, based on CoinGecko data.
🚨 Fitell Corporation adquiere USD $1.5 millones en tokens PUMP 🚨
La empresa australiana fortalece su estrategia de tesorerÃa en Solana.
Fitell se convierte en la primera compañÃa pública en poseer PUMP, un activo clave de https://t.co/j0o8pNGRIK.
El precio de PUMP ha… pic.twitter.com/7C2cA2oMDJ
— Diario฿itcoin (@Blaze Trends)
Sources:
GlobeNewswire Press Release (October 2)
GlobeNewswire Press Release (September 29)