Australia's Fitell spends $1.5 million to purchase 216.8 million PUMP tokens

ChainCatcher news, Australian company Fitell announced the purchase of 216.8 million PUMP tokens, with a transaction amount of $1.5 million.

PUMP is the native token of Pump.fun, a memecoin launchpad in the Solana ecosystem, currently with a market capitalization of $2.5 billion and a gain of over 90% in the past month. Previously, Fitell had secured a convertible bond financing of up to $100 million, with the first tranche of $10 million to be used for purchasing SOL. The company is transitioning from a fitness equipment retailer to a digital asset management institution and plans to rename itself Solana Australia Corporation.