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Fitell adds 216m PUMP tokens in accelerated Solana pivot
NFT Gaming

Fitell adds 216m PUMP tokens in accelerated Solana pivot

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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.



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Bloomberg Explains $11 Trillion Behemoth Vanguard's Possible Crypto Pivot
NFT Gaming

Bloomberg Explains $11 Trillion Behemoth Vanguard’s Possible Crypto Pivot

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During a recent appearance on Bloomberg TV, reporter Isabelle Lee explained Vanguard’s possible pro-crypto pivot, clarifying that it is still unclear whether the $11 trillion financial behemoth will end up offering cryptocurrency products on its platform. 

“It’s not a ‘yes’ yet, but it’s not a ‘no’ anymore,” she said while commenting on her recent reporting. 

Lee recalled how former Vanguard CEO Tim Buckley claimed that the company would never add Bitcoin funds. 

John Bogle, the late founder of the financial titan, previously stated that Bitcoin should be avoided “like the plague,” arguing that the cryptocurrency’s value depends entirely on the level of speculative demand. 

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Hence, the fact that Vanguard is even considering changing its tune on crypto is a significant change. 

Lee has stressed that Vanguard investors who want to buy Bitcoin ETFs do not want to use other platforms, and there is growing demand for these products. The financial titan is now “opening the window” a little. 

Influence of new CEO

As reported by U.Today, Salim Ramji, Vanguard’s recently appointed CEO, helped to launch BlackRock’s highly successful iShares Bitcoin ETF (IBIT). 

The astounding success of this product might now be too hard for BlackRock to ignore, which has prompted the recent move. 

Lee believes that Ramji might have played a role in this since he has expressed openness to blockchain and Bitcoin. “He’s the first outsider ever to become the CEO of Vanguard…” she noted. 

That said, the new Vanguard CEO previously rejected the idea of launching a Bitcoin ETF shortly after his appointment. 



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what the on-chain data says
NFT Gaming

Smart Digital Group stock crashes 87% after crypto pivot announcement

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Smart Digital Group faced a brutal investor revolt as its Nasdaq-listed shares imploded following a surprise announcement to establish a diversified cryptocurrency asset pool, a move markets likely viewed as a high-risk diversion.

Summary

  • Smart Digital Group stock collapsed 87% after announcing plans for a diversified crypto asset pool targeting Bitcoin and Ethereum.
  • The move likely drew investor backlash due to vague details, diverging from peers that saw stock surges after similar pivots.
  • Meanwhile, regulators are probing trading activity in companies adopting crypto treasury strategies, adding systemic risk to such moves.

On Sept. 26, Smart Digital Group Limited (SDM) publicly unveiled its strategy to deploy capital into a pool of cryptocurrency assets, naming Bitcoin and Ethereum as primary targets for their perceived “stability and transparency.”

“This move is designed to strengthen Smart Digital Group position in the digital asset ecosystem while leveraging the growing acceptance of cryptocurrencies in global markets. By allocating resources to established digital assets, the company aims to enhance portfolio diversification and capture value in the evolving digital economy,” the company said.

The announcement, intended to position the firm within the growing digital asset ecosystem, instead triggered an immediate and devastating sell-off. By the end of the trading day on Sept. 25, preceding the official press release, SDM’s stock had been decimated, collapsing 86.84% to $1.88 from a previous close of $13.60.

A pivot that defied the playbook

The dramatic collapse of Smart Digital Group’s valuation stands in stark contrast to the market’s typical reaction to such announcements. According to a 2025 Animoca Brands report, companies announcing corporate crypto-treasury strategies have surged an average of 150% within 24 hours of disclosure. This pattern has played out repeatedly in recent months.

Brera Holdings, a small European soccer club investor, saw its stock skyrocket as much as 464% after revealing its plan to rebrand as Solmate and transition to a Solana-based digital asset treasury, a move backed by a $300 million private placement from names like ARK Invest and the Solana Foundation. Similarly, Chinese EV technology firm Juizi Holdings enjoyed a 25% stock bump following its authorization of a $1 billion Bitcoin treasury initiative.

The critical difference lies in the details markets are now scrutinizing. Companies rewarded by investors have presented clear funding mechanisms, high-profile backers, and specific operational roadmaps.

Smart Digital’s announcement, by comparison, lacked concrete details on the size of the planned asset pool, its funding source, or any strategic partnerships. This vagueness, coupled with the absence of a clear, crypto-native business synergy, transformed a potential growth narrative into a red flag for shareholders concerned about uncalculated risk and diluted corporate focus.

Regulators take note of crypto treasury companies

This escalating trend has not gone unnoticed by regulators. The Securities and Exchange Commission and the Financial Industry Regulatory Authority have reportedly initiated a broad probe into trading activity surrounding more than 200 companies that have announced crypto-treasury plans, according to WSJ.

The core of the investigation revolves around suspicious stock-price increases in the days preceding public announcements, a potential sign of selective disclosure or insider trading that would violate Regulation Fair Disclosure.

While Smart Digital’s pre-announcement trading involved a plunge rather than a gain, the intense regulatory spotlight adds a layer of systemic risk to any public company making a crypto pivot, potentially spooking institutional investors.



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Metaplanet stock is in a free fall; Bitcoin pivot a dud
NFT Gaming

Metaplanet stock is in a free fall; Bitcoin pivot a dud

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Metaplanet stock price is in a free fall, erasing some of the gains made after its pivot to Bitcoin accumulation. 

Summary

  • Metaplanet share price has slumped by 63% from the year-to-date high.
  • Bitcoin treasury stocks have plunged in the past few months.
  • Technical analysis points to more downside in the coming weeks.

Metaplanet shares have plunged to ¥709, their lowest level since May 19, and 63% from their highest point this year. This performance makes it one of the worst-performing Bitcoin treasury companies in the industry.

Have Bitcoin treasury firms fallen out of favor?

Metaplanet, a Japanese hotel operator, has become one of the top Bitcoin accumulators. It has bought 20,000 coins, making it the sixth-biggest public holders of Bitcoin (BTC).

The company aims to emulate Michael Saylor’s Strategy (holder of 636,505 coins) by buying 210,000 coins over time. Its shareholders gave it the nod to raise $3.8 billion for further acquisitions. 

The Metaplanet stock price has plunged in the past few months as investors have soured on the industry. A closer look shows that most companies with Bitcoin in their holdings have all slumped. 

MSTR stock price has plunged by over 20% from its all-time high. Similarly, companies such as American Bitcoin, MicroCloud Hologram, and Bullish have all experienced a slump.

The stock has also dropped because of concerns about it valuation in relation to its Bitcoin holdings. Its current Bitcoin holdings are worth $2.2 billion, much lower than the enterprise value of $5 billion. As such, investors may be getting concerned about the $2.79 billion gap in its valuation.

Metaplanet share price may be plunging because of profit-taking among investors. Despite its recent crash, it is one of the best-performing Japanese stocks, having jumped by over 3,980% from its lowest level in 2024. 

Metaplanet stock price technical analysis

Metaplanet stock chart | Source: TradingView

The daily timeframe chart shows that the Metaplanet share price has been in a freefall in the past few months. It has moved from a high of ¥1,930 to ¥709 today. 

This freefall may continue as it crossed the critical support level at ¥723, its highest swing in February this year. It is about to form a death cross pattern as the 50-day and 200-day Weighted Moving Averages near their crossover. 

The Average Directional Index has moved to 32, a sign that the trend is strengthening. Therefore, the stock will likely continue plunging as sellers target the key support at ¥500. This sell-off will accelerate if Bitcoin price continues moving sideways.



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Weekly Wrap: Crypto Market Tumbles, Bitcoin Whales Pivot To Eth, Altcoins Treasuries, And More
GameFi Guides

Crypto Market Tumbles, Bitcoin Whales Pivot to ETH, Altcoins Treasuries, and More

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The crypto market took a notable shift this week with leading cryptocurrencies taking a stiff downtrend. While the price of Bitcoin dropped to a monthly low of $108k, it led the rest of the market to a volatile ride. Keeping these market movements in the thick of it, here is the quick review, covering what happened in the cryptocurrency industry this week. 

Top Headlines

Below are the top headlines of this week from the crypto industry; 

Crypto Market Tumbles

Amid uncertainty in market sentiment, Bitcoin took a bearish turn and fell to monthly lows below $109K for the first time since 9th July. Following Bitcoin, the leading cryptocurrency, other altcoins—including Ether (ETH), Solana (SOL), and XRP—also witnessed remarkable volatility. 

The primary reason behind this downtrend was waning investor confidence in a September Federal Reserve rate cut, triggering a risk-off sentiment and significant liquidations. Throughout the week, the crypto market also witnessed notable liquidations. 

Bitcoin Whale Move Funds to Ethereum (ETH)

A massive Bitcoin whale, holding over $11 billion in BTC, made headlines by selling 22,769 Bitcoin worth $2.59 billion and rotating the funds into Ethereum, purchasing 472,920 ETH ($2.2 billion) and opening a $577 million Ether long position on Hyperliquid. This capital shift signals growing institutional confidence in Ethereum’s upside potential, potentially fueling an altcoin season. 

Arthur Hayes Predict 126x Spike in HIKE Price

At the WebX 2025 conference in Tokyo, former BitMEX CEO Arthur Hayes made a bold prediction. He forecasted a 126x surge for Hyperliquid’s HYPE token, potentially reaching $5,000 by 2028. Speaking on August 25, Hayes attributed this massive upside to the expected $10 trillion stablecoin market, which he believes will drive Hyperliquid’s annualized fee revenue from $1.2 billion to $258 billion. This prediction has sparked significant investor interest for the HYPE token. 

Altcoin Treasuries Continue Rising

The crypto market is witnessing a surge in corporate altcoin treasury strategies as companies diversify beyond Bitcoin. In recent moves, B Strategy, backed by YZi Labs, announced a $1 billion U.S.-listed BNB treasury firm to bolster the BNB ecosystem. Meanwhile, Canadian firm Luxxfolio filed a CAD $100 million (approximately $73 million) prospectus to expand its Litecoin treasury. 

Besides, Trump Media, Crypto.com, and Yorkville Acquisition also launched Trump Media Group CRO Strategy Inc., a $6.42 billion CRO treasury venture, acquiring $1 billion in CRO tokens to integrate with Truth Social’s rewards system. Additionally, DeFi Dev Corp strengthened its Solana holdings with a $77 million purchase of 407,247 SOL, pushing its total to 1.83 million SOL. 

Brazil and Philippines Plans Strategic Bitcoin Reserve

While Bitcoin is gaining ground as a leading store of value asset, Brazil and the Philippines are advancing bold initiatives to integrate Bitcoin into their national financial strategies. On 25th August, the Chamber of Deputies in Brazil held a hearing for Bitcoin-linked legislation proposed by Federal Deputy Eros Biodini. The proposed bill considers an allocation of up to 5% of Brazil’s international reserves toward Bitcoin. 

Meanwhile, in the Philippines, the Congress received a bill proposing a Bitcoin treasury to boost the nation’s financial stability, buying 10,000 Bitcoin (BTC) over a period of five years.

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Top Gainers and Losers this Week

As Bitcoin dipped nearly 6% from the weekly high, various altcoins saw huge sell-off. Meanwhile Cronos (CRO), the native token of Crypto.com exchange, surged a staggering 99% after Trump Media and Yorkville’s treasury announcement. 

GainersLosersCRO (Cronos): +99%AERO (Aerodrome Finance): -23%PTYH (Pyth Network): +53%PENDLE (Pendle): -20%PUMP (PumpFun): +9%LDO (Lido DAO): -18%KCS (KuCoin Token): +8%SPX (SPX6900): -17%FORM (Four): +6%PENGU (Pudgy Penguin): -16%

What to expect for next week?

All the predictions for the next week are on the edge due to the market’s volatility and sensitivity to macroeconomic factors, regulatory developments, and investor sentiment. The cryptocurrency markets may be influenced by key macroeconomic events such as the U.S. Weekly Jobless Claims on September 4 could signal labor market strength, potentially boosting risk assets like Bitcoin if positive. On September 5, the U.S. PCE Price Index, the Federal Reserve’s preferred inflation gauge, may also impact rate cut expectations, with higher readings potentially pressuring crypto prices. 

Moreover, Global PMI data, particularly U.S. Services PMI, could further shape sentiment by reflecting economic resilience. These events may drive volatility, so investors should stay vigilant and conduct thorough research. 

Also Read: Japanese Nail Salon Firm Convano to Raise $3B for 21,000 BTC



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Crypto Trends

Crypto’s U.S. Policy Aims May Pivot on Resistance from Democratic Senator Warner

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One of the crypto industry’s central lobbying aims — to protect software developers from being held legally responsible when criminals abuse their technology — may be in jeopardy from Democrats led by U.S. Senator Mark Warner, according to people familiar with legislative negotiations.

The Senate is set to return to work in Washington next week, with the completion of a crypto market structure bill as one of its top agenda items. In the bipartisan talks over that bill, Warner is said to have held reservations about the approach in the U.S. House of Representatives’ version of the bill known as the Digital Asset Market Clarity Act, which gave developers legal cover, according to three people with knowledge of the negotiation.

Warner, a Virginia Democrat who is the vice chairman of the Senate Select Committee on Intelligence, maintains a close focus on national security issues, and he’s said to have balked at the rampant hacks and money laundering concerns that he’s associated with the decentralized finance (DeFi) end of the crypto sector. In the past, he’s raised objections over reports that cryptocurrency may have been used to move assets to terrorist groups, and he pushed a bill in 2023 that looked to saddle DeFi platforms with the same anti-money laundering (AML) requirements that traditional finance firms must meet — a potentially existential threat to the way the decentralized projects operate without core management.

Back then, Warner said such an effort would “help maintain the robust AML and sanctions enforcement we need to protect our national security, while allowing participants who play by the rules to continue to take advantage of the potential of distributed ledger technologies,” additionally noting his views that “criminals and rogue states continue to use crypto to launder money, evade sanctions, and conceal illicit activity.”

Then he pursued an appropriations provision last year that would have automated a process to sanction “foreign digital asset transaction facilitators” – including crypto exchanges – linked to users who support terrorism groups. So he has a background in seeking to hold digital assets insiders responsible for the illicit use of their products.

A spokesperson for the senator didn’t immediately respond to a request for comment on his position in the latest negotiations, but Republican senators have been seeking to fast-track the Senate’s market structure bill, trying to follow the House in a wide, bipartisan approval.

Warner is among the Democrats on the Senate Banking Committee — one of the two panels that needs to come to agreement on the crypto legislation before it can move on to a floor vote.

Unlike with the more aggressive stance of fellow Democrat Senator Elizabeth Warren, the industry generally sees Warner as a member with a balanced view on crypto issues, having supported the sector in previous votes, such as in the recent passage of the bill to regulate U.S. stablecoin issuers — still standing as the industry’s biggest achievement in Washington. Digital assets political organization Stand With Crypto gives him an “A” grade as a lawmaker who “strongly supports crypto.”

When the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was still moving through the Senate before its passage by a wide margin in June, some Democrats had halted the process on that bill to object to security and illicit-finance aspects of the industry (in addition to the potential conflicts posed by President Donald Trump’s own stablecoin business interests.) The disagreements were kicked down the road in favor of an easy passage of that earlier bill, with the knowledge that this market structure legislation would be a better place to hash out those concerns.

That debate is now arriving for the bill that’s the lynchpin of the digital assets sector’s Washington plans. This legislation to set out tailored regulations for U.S. crypto transactions is seen as necessary for the industry to come into its own and to bring remaining institutional players and hesitant retail investors into the realm of digital tokens.

Behind closed doors, crypto lobbyists are wondering if Warner’s background in venture-capital work for technology firms will help them make a case for protecting software-writing innovators from legal liability. In light of cases such as Tornado Cash developer Roman Storm’s recent criminal conviction, the urgency to establish a shield is amplifying.

Read More: Roman Storm Guilty of Unlicensed Money Transmitting Conspiracy in Partial Verdict



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GameFi Guides

Nasdaq Boots Windtree a Month After $700M BNB Treasury Pivot Fails to Lift Stock

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In brief

  • Windtree confirmed its shares will be suspended from Nasdaq trading on Thursday for failing to meet the $1 minimum bid price.
  • Last month, it said it had committed to buy up to $700 million in Binance’s BNB token.
  • Struggling firms pivoting into crypto treasuries may lack substance beyond the narrative, Decrypt was told.

Windtree Therapeutics, a Pennsylvania-based drug developer, is being delisted from Nasdaq, just over a month after its $700 million pivot into a digital treasury firm focused on Binance’s BNB token failed to boost its stock above the exchange’s requirements.

In an SEC filing published Tuesday, Windtree confirmed trading of its stock on Nasdaq would be suspended at the open on Thursday, August 21, for failing to maintain the $1-per-share minimum bid price. Windtree shares are down 77% on the day to just $0.11.

Windtree listed its stock on Nasdaq in May 2020 but has repeatedly struggled to meet listing standards.



The exchange moved to suspend Windtree’s shares after several bid-price violations since at least June 2022, with its third and most recent deficiency warning handed down in December last year, according to a 2023  SEC filing listed by the drug developer.

Windtree and Nasdaq did not immediately return Decrypt’s request for comment.

Late last month, Windtree announced that it would commit and buy up to $700 million in Binance’s BNB token, just a day after that crypto hit a new all-time high.

While Windtree briefly regained its compliance earlier in March this year, it later lost course as a turbulent pullback in the crypto market began rolling over the past week.

Several publicly-listed treasury companies‘ shares have been diving or slowing in lockstep, including stock from KindlyMD, SharpLink, Coinbase, and Strategy, which hit a 4-month low on Wednesday amid a broader crypto stock slump.

As a result of the suspension, the company is moving to the over-the-counter market under the same ticker, WINT. Unlike Nasdaq, which imposes strict listing standards such as minimum bid prices and equity thresholds, OTC venues operate with looser requirements and typically provide less liquidity and visibility.

“Distressed firms face a structural mismatch with DAT models,” Ryan Yoon, senior analyst at Tiger Research, told Decrypt. “While they may initially raise funds despite lacking credibility, subsequent capital raises become increasingly difficult as market skepticism grows.” 

Digital asset treasuries rely on “premium-based funding, but struggling companies can’t sustain NAV premiums long-term,” Yoon said.

Net asset value, or NAV, is the total value of a company’s assets minus its liabilities, expressed on a per-share basis. It shows whether a company’s stock price is higher or lower than the value of its total assets, including those that aren’t from digital assets.

“This creates a reverse flywheel during market downturns: asset decline → forced liquidation → further decline,” Yoon explained.

For one, Yoon points to Michael Saylor’s Strategy as having a “powerful narrative in crypto markets” that has created “a template that struggling public companies attempt to replicate.”

Yet “unlike established DAT firms with operational frameworks,” financially struggling companies suddenly pivoting to become digital asset treasury firms “typically lack substance beyond the narrative itself,” Yoon said.

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