Nasdaq-Listed Company Makes Unexpected Investment in Altcoin

Australia-based Fitell Corporation announced on Thursday that it has purchased 216.8 million PUMP tokens, paying $1.5 million for the purchase.

PUMP is the native token of Pumpfun, the memecoin launch platform within the Solana ecosystem. The token has a market capitalization of approximately $2.5 billion and has seen its price rise by more than 90% in the past month.

Fitell CEO Sam Lu commented on the investment with the following words:

“We are deepening our participation in Solana's growth story and aiming to capture long-term growth opportunities for our stakeholders by diversifying our digital asset portfolio.”

Last month, the company announced a convertible bond agreement with a US-based institutional investor for up to $100 million. It was also announced that the initial $10 million allocated under this agreement would be used to acquire SOL.

Fitell's move is quite ambitious for a Nasdaq-listed company with a market capitalization of just $6.8 billion. Shares of the company fell 15% to $5.14 after the acquisition was announced.