Fitell is staking a significant portion of its capital on a memecoin platform’s token, allocating $1.5 million for 216.8 million PUMP tokens just one month after securing a $100 million facility dedicated to Solana accumulation.
Summary
- Fitell added 216.8 million PUMP tokens worth $1.5 million to its treasury.
- The move follows a $100m facility to expand Solana-based digital assets.
- It marks the company’s shift from gym equipment retail to crypto-focused strategy.
In a press release dated Oct. 2, the Taren Point, Australia-based Fitell Corporation (NASDAQ: FTEL) confirmed it executed the purchase of 216.8 million PUMP tokens a day earlier. CEO Sam Lu characterized the move as a swift transition “from decision to execution,” framing it as a strategic step to deepen the company’s involvement in the Solana network.
“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,” Lu said.
Launched through its ICO in July this year, the PUMP token serves as the core asset for the Pump.fun launchpad, a dominant platform for memecoin creation on the Solana blockchain. The token traded at $0.007 at last check and was up over 92% in the last 30 days, according to crypto.news data.
Fitell’s pivot from fitness to Solana treasury
Fitell’s embrace of Solana began in late September, when the company announced the launch of a digital asset treasury backed by a $100 million financing facility. The initiative made Fitell the first Australian firm to anchor its treasury around Solana, with the goal of becoming one of the region’s largest publicly listed holders of the token.
Until recently, the company’s core business had been selling fitness and gym equipment through its Gym Direct subsidiary, which has served more than 100,000 customers in Australia. The sudden tilt into crypto marks a striking departure from its retail origins.
The company’s roadmap, outlined in a September announcement, reveals ambitions that extend far beyond simple asset accumulation. Fitell has articulated a clear DeFi and yield generation strategy, aiming to deploy its Solana assets across a suite of on-chain “structured products.” This includes advanced financial instruments like options and liquidity provisioning, all designed to generate what the company calls “outsized yields” and “alpha generation.”
To cement this new identity, Fitell has initiated a corporate overhaul. The company is taking steps toward a dual listing on the Australian Securities Exchange (ASX) and has announced plans to formally rebrand as “Solana Australia Corporation.” This intended name change leaves little doubt about its future strategic focus, positioning itself as a dedicated vehicle for Solana ecosystem exposure for public market investors.