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2h ago

Fitell Buys 216.8 Million PUMP Tokens in Fast-Track Shift to Solana Treasury

The $1.5 million purchase follows a $100 million facility, signaling a planned rebrand with an ASX dual listing.

Fitell Corp adds 216.8M PUMP worth $1.5M to its treasury expanding within Solana

Overview

  • Fitell executed the purchase on October 1 and announced it on October 2, adding 216.8 million PUMP tokens to its corporate treasury.
  • The move follows a late-September buy of 46,144 SOL for about $10 million, funded by a convertible facility of up to $100 million that earmarks roughly 70% of net proceeds for crypto acquisitions.
  • The company is repositioning as a Solana-focused vehicle with plans to rebrand to Solana Australia Corporation and pursue a dual listing on the ASX.
  • Management aims to deploy SOL and PUMP holdings into DeFi structured-yield strategies, including options and on-chain liquidity provisioning.
  • FTEL shares fell about 8% after the announcement and have shown extreme recent volatility, highlighting investor skepticism toward the pivot.