Emerging from a deep hole token Pump.fun (PUMP) has become a treasury cryptocurrency alongside Bitcoin and Ethereum.
On October 2, the first Australian SolanaThe treasury company Fitell purchased 216,8 million PUMP shares for $1,5 million as part of its capital investment plan for the SOL digital asset ecosystem. The company’s director, Sam Lu, believes that the investment in PUMP will generate long-term capital growth, thereby benefiting the company’s shareholders.
In addition to PUMP, Fitell holds 46,000 SOL coins worth $10,7 million at the current exchange rate. Since September 23, when the institution purchased the coins, the exchange rate Solana grew by 7%, and the cryptocurrency acquisition brought the organization an unrealized gain of approximately $700,000. Despite this, the company’s shares fell by 40%, even excluding the short-term pump that occurred after the SOL investment.
Fitell stock price falls
However, the Pump.fun market is experiencing an upward trend following the end of a bearish trend that saw the asset fall 59%. PUMP is currently trading at $0,0068, 196% higher than the bottom seen at the end of July, and the token There is a chance The price of PUMP could rise to $0,008 thanks to the buyback of digital assets by the Pump.fun platform. If this scenario comes to fruition, Fitell’s investment in PUMP will result in a significant profit.