- Fitell invests $1.5 million in PUMP tokens as part of its growing focus on the Solana blockchain network.
- The company shifts from selling gym gear to building a digital asset treasury backed by a $100 million facility.
- Fitell plans a name change and dual listing to reflect its new strategy around Solana and decentralized finance.
Fitell Corporation has invested $1.5 million into the PUMP token, acquiring 216.8 million units. The acquisition was confirmed on October 2 through an official statement. The purchase comes only weeks after the company secured a $100 million financing facility. That facility was aimed at building a digital asset treasury centered on Solana.
PUMP serves as the native token for Pump.fun, a leading memecoin launchpad on the Solana blockchain. The token, priced at $0.007 during the purchase, had surged more than 90% over the past month. Just recently, Pump. fun traded near $0.006276 after a 46% gain with resistance marked at $0.007889. Fitell’s latest investment strengthens its growing position within the Solana ecosystem.
Shift from Retail to Digital Assets
Fitell previously operated in the fitness retail sector, selling gym equipment through its Gym Direct subsidiary. The company served over 100,000 customers in Australia. However, Fitell has shifted its business model toward blockchain-based asset management.
This pivot includes strategic plans to use blockchain assets for financial growth. The company aims to generate returns through structured digital products. These products include options, liquidity provisioning, and other decentralized finance mechanisms.
$100 Million Treasury Facility Backed by Solana
The $1.5 million PUMP token purchase follows Fitell’s earlier announcement of a $100 million facility. That fund was established to create a treasury based on Solana tokens. Of the initial funds raised, $10 million was directed toward SOL accumulation. As Part Of Solana’s global adoption, Eric Balchunas recently said SEC changes made Solana ETF approval nearly certain as S-1 filings become the final step in the process.
The treasury move made Fitell the first Australian company to center its treasury strategy around Solana. The company plans to use these assets to explore long-term yield opportunities in decentralized markets.
Fitell’s market capitalization currently stands at $6.8 million. Despite this, the company is executing large-scale digital asset investments through external financing.
Rebranding and Dual Listing Plans
Fitell is also preparing to undergo a corporate rebrand. The company has announced plans to change its name to Solana Australia Corporation. This rebrand reflects its commitment to the Solana ecosystem and digital asset management.
In addition to the rebrand, Fitell is working toward a dual listing on the Australian Securities Exchange. This move will position the company to access a broader base of public investors.
The combined efforts indicate a full departure from its original retail focus. Fitell is aligning its strategy with blockchain infrastructure, particularly within the Solana network.
Its recent activities indicate that it is long-term committed to engaging in decentralized financial markets via diversification of assets and asset-based yield products.
