Solana News Today: Fitell's Solana Pivot: Corporate Treasuries Embrace Blockchain's Future

The Australian-based company Fitell Corporation has announced the acquisition of 216.8 million PUMP tokens, valued at $1.5 million, marking a significant move in its transition from a fitness equipment retailer to a Solana-focused digital asset treasury. The purchase follows an initial $10 million allocation of SOL tokens under a $100 million convertible note facility with a U.S. institutional investor. PUMP, the native token of the Solana-based memecoin launchpad Pump.fun, has seen a 92% price surge over the past 30 days, with a current market capitalization exceeding $2.5 billion.

Fitell's strategic pivot to blockchain finance includes rebranding as "Solana Australia Corporation" and pursuing a dual listing on the Australian Securities Exchange to broaden investor access. The company will hold all digital assets, including PUMP and SOL, in custody with BitGo Trust Company and deploy them via institutional-grade infrastructure. CEO Sam Lu emphasized the decision to "deepen participation in Solana's growth story while diversifying the digital asset treasury to capture long-term opportunities for stakeholders".

The acquisition aligns with a broader trend of institutional adoption of Solana-based assets. According to Strategic Solana Reserve data, over 18 million SOL tokens-valued at $4 billion-are held by public companies and investment groups, representing more than 3% of the circulating supply. Fitell aims to become the largest publicly listed Solana holder in the Asia-Pacific region, leveraging partnerships with entities like Marinade Finance and Helius Medical Technologies, which have launched multi-hundred-million-dollar Solana treasury initiatives.

Fitell's plans include deploying its assets into on-chain structured financial products such as staking, options, and liquidity provisioning to generate yield while mitigating volatility exposure. The company has also appointed digital asset advisors, including David Swaney and Cailen Sullivan, to oversee execution and risk strategy. Despite these moves, Fitell's stock price declined 15% on October 2, closing at $5.14, reflecting mixed market sentiment.

The PUMP token's rapid rise underscores the growing influence of memecoins in the Solana ecosystem. Launched via a $500 million ICO in July 2025, PUMP's market capitalization has surged to $2.5 billion, driven by its role as a launchpad for other memecoins. Institutional interest in Solana-based assets is further supported by initiatives like VisionSys AI's $2 billion treasury program and Brera Holdings' $300 million strategy backed by ARK Invest.

Fitell's transition highlights the shifting landscape of corporate treasuries in the digital asset space. By leveraging Solana's high-speed blockchain and tokenization capabilities, the company aims to position itself at the forefront of blockchain finance while navigating regulatory and market uncertainties.