Journalist
Hassan Shittu
Journalist
Hassan Shittu
Share
Australian fitness company Fitell Corporation has added 216.8 million Pump.fun (PUMP) tokens worth $1.5 million to its corporate treasury, marking its first direct PUMP purchase as part of its expanding Solana strategy.
The acquisition, announced on October 2, shows a deeper commitment to the Solana ecosystem as the company moves forward with its digital asset treasury plan.
Fitell Seeks to Become Asia-Pacific’s Largest Public Solana Holder
Chief Executive Sam Lu said the purchase reflected the company’s intent to “deepen participation in Solana’s growth story” while diversifying its treasury for long-term opportunities.
Fitell plans to provide periodic updates on future allocations as it scales its digital asset portfolio.
The treasury move comes days after Fitell secured a $100 million credit line to launch what it describes as Australia’s first Solana treasury strategy.
The company has also begun the process of rebranding as Solana Australia Corporation. Its broader plan includes staking, yield-generating opportunities in decentralized finance, and structured products such as options and liquidity provisioning, with a focus on managing downside risk.
To guide its digital asset expansion, Fitell has appointed David Swaney and Cailen Sullivan as advisers. Swaney has worked in digital assets since 2017, focusing on institutional adoption and treasury design, while Sullivan, an early Coinbase employee and co-founder of Solana-based perpetual exchange Adrena, brings over a decade of industry experience.
Despite the high-profile purchase, Fitell’s stock has come under pressure. Shares of FTEL closed at $5.20 on October 2, down 13.62% on the day and nearly 15% over the past five trading sessions.
The decline suggests investor caution as the company shifts further into digital assets while balancing its traditional fitness business.
Fitell has said it intends to become the largest publicly listed Solana holder in the Asia-Pacific region. Initial SOL assets will be held in custody with BitGo Trust Company in the United States and staked through institutional-grade infrastructure.
The company is also pursuing a dual listing on the Australian Securities Exchange to expand investor access.
Solana Treasury Holdings Surge Past $4B as Institutions Accelerate Adoption
Solana’s growing role as a corporate treasury asset is gaining momentum, with new data showing nearly 18 million SOL, worth about $4.07 billion, now held by tracked institutions.
The Strategic Solana Reserve (SSR) indicates that 18 participants collectively control 3.1% of the token’s circulating supply, showing a sharp rise in adoption among public companies and investment groups.
Forward Industries tops the list with 6.8 million SOL, valued at $1.69 billion, followed by Sharps Technology with 2.1 million SOL, and DeFi Development Corp with just over 2 million SOL.
Other active players include Upexi, Brera Holdings’ Solmate arm, and Mercurity Fintech, reflecting growing diversification across sectors, from healthcare to infrastructure.
This institutional trend has been reinforced by a wave of high-profile treasury launches. VisionSys AI announced plans this week for a $2 billion Solana program, starting with a $500 million acquisition and a staking partnership with Marinade Finance.
CEO Heng Wang called the initiative “transformational,” combining AI algorithms with Solana’s blockchain to build a foundation for “next-generation DeFi solutions.”
Helius Medical Technologies recently secured $500 million from Pantera Capital and others to build its own treasury, while Brera Holdings raised $300 million for Solmate with backing from ARK Invest and the Solana Foundation.
Forward Industries, meanwhile, completed a $1.65 billion financing round led by Galaxy Digital and Jump Crypto and is preparing a $4 billion equity program to tokenize its shares on Solana.
The momentum coincides with Solana’s strong market performance. In September, SOL outpaced Ethereum with a 26% monthly gain versus ETH’s 8%. Analysts suggest Solana could continue leading in Q4, with upcoming upgrades like Firedancer and state compression, alongside the potential approval of a Solana ETF in October.
