Fitell Invests $1.5 Million in PUMP Tokens, Expanding Solana Portfolio
Fitell Corporation, a company based in Taren Point, Australia, has made a significant move in the crypto space. The firm recently invested $1.5 million in 216.8 million PUMP tokens. This action comes just a month after Fitell secured a $100 million facility for Solana-based assets.
CEO Sam Lu views this as a strategic step. It shows Fitell’s commitment to Solana’s growth. The company aims to diversify its digital asset holdings. This diversification is expected to create long-term opportunities for stakeholders.
The PUMP token is central to the Pump.fun launchpad.This platform is popular for creating memecoins on the Solana blockchain. The token’s price has risen by over 92% in the last 30 days.
Fitell’s shift from fitness equipment sales to crypto is notable. The company’s core business was selling gym equipment through Gym Direct. Now, Fitell plans to focus on Solana assets.
Fitell’s roadmap includes a DeFi and yield generation strategy. The company aims to deploy Solana assets in various on-chain products. This includes options and liquidity provisioning.
To support this new direction, Fitell is undergoing a corporate overhaul. The company plans to list on the Australian Securities Exchange (ASX). It also intends to rebrand as “Solana Australia Corporation.”
