Australia-based Fitell Corporation, a Nasdaq-listed company, has taken a surprising step into the digital asset space by purchasing 216.8 million PUMP tokens for $1.5 million.
The company has been shifting away from its traditional business model to build a digital asset treasury. Last month, it announced a $100 million convertible note deal with a U.S.-based institutional investor, allocating $10 million of the first tranche to Solana purchases. CEO Sam Lu commented: “As we deepen our participation in Solana’s growth story, we are diversifying our treasury to capture long-term opportunities.”
Despite these moves, Fitell’s own market capitalization remains just $6.8 million. This imbalance has raised eyebrows among investors, with the company’s shares falling 15% on Thursday to $5.14. Looking ahead, Fitell plans to leverage its Solana holdings through structured products to generate additional returns.
Meanwhile, PUMP token has soared over 90% in the past month, reaching a $2.5 billion market cap. Riding this momentum, Fitell is accelerating its transition into crypto and is preparing to rebrand as “Solana Australia Corporation.” This move underscores how traditional firms are increasingly exploring digital assets as part of their growth strategies.
