Fitell Corporation adds PUMP tokens to treasury reserves

Fitell Corporation (NASDAQ: FTEL) announced plans to allocate PUMP tokens to its corporate treasury as part of its Solana digital asset strategy. The company said it represents the first publicly listed company to establish a PUMP treasury reserve.

PUMP serves as the native token for Pump.fun, a token launchpad on the Solana blockchain that generates revenue through listing and transaction fees. The platform uses a portion of these fees to buy back and burn PUMP tokens, reducing the circulating supply.

"By expanding our treasury to include PUMP, we are taking the next step in our digital asset strategy to deepen our alignment with the Solana community," said Sam Lu, chief executive officer of Fitell.

Fitell operates as an online retailer of gym and fitness equipment in Australia through its subsidiary GD Wellness Pty Ltd. The company has served over 100,000 customers and maintains three proprietary brands under its Gym Direct portfolio: Muscle Motion, Rapid Motion, and FleetX across more than 2,000 stock-keeping units.

The fitness equipment company said it plans to integrate blockchain technology into its operational and consumer-facing platforms. Fitell indicated it intends to use Solana to explore blockchain-enabled loyalty programs and consumer engagement initiatives across its fitness ecosystem.

The company also said it is evaluating additional digital assets including USDC, a stablecoin pegged to the U.S. dollar, and Worldcoin, a digital identity protocol, to support these blockchain initiatives.

The announcement was made through a press release statement from the company.

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