US-listed Pitel buys 200 million PumpDotFun… worth $1.5 million

Son Min

Summary

Nasdaq-listed Pitel said it purchased more than 200 million PumpDotFun tokens worth approximately $1.5 million.
Pitel said it aims to be deeply involved in the Solana growth story and to diversify its crypto asset treasury to secure long-term growth opportunities.
The company also announced plans to generate additional revenue through operating structured products using its held Solana.

Nasdaq-listed Pitel has purchased 216,800,000 native tokens of the Solana (SOL)-based meme coin issuance platform 'PumpDotFun (PUMP)'. It is about $1.5 million in size.

According to The Block on the 3rd (local time), Pitel said in a press release that it had purchased 216,800,000 PumpDotFun.

Sam Lu, Pitel's chief executive officer (CEO), said, "We want to be deeply involved in Solana's growth story while diversifying our crypto asset treasury to secure long-term growth opportunities."

Earlier, Pitel signed a convertible bond (CB) facility agreement worth up to $100 million with a U.S.-based institutional investor. An initial $10 million will be used to buy Solana.

Meanwhile, Pitel has announced its transition from an online distributor of fitness equipment to a digital asset treasury company and is seeking to change its name to 'Solana Australia Corporation' in the future. The company also plans to generate additional revenue by operating structured products using its held Solana.

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