Pump.Fun (PUMP), a Solana-based meme coin factory, has taken a giant step in the world of institutional adoption. According to an update by SolanaFloor, a news platform for the community, Fitell Corp — an Australia-based company listed on the Nasdaq — has purchased 216.8 million PUMP.

Fitell Corp backs Pump.Fun with $1.5 million allocation

The tokens were purchased at a value of approximately $1.5 million. Notably, the acquisition was not for trading or speculative purposes. Rather, Fitell Corp has allocated the entire purchased asset to its corporate treasury.

This is the first time that the company is acquiring Pump.Fun, and it is part of its strategic expansion into the Solana ecosystem.

🚨BREAKING: Australia’s first Solana treasury company, Fitell Corp (NASDAQ: FTEL), has added 216.8M $PUMP worth $1.5M to its corporate treasury, its first direct $PUMP purchase as part of its strategic expansion within the @Solana ecosystem. pic.twitter.com/o9KOtVrCoy

Sam Lu, Fitell Corp Chief Executive Officer, explained that the decision to acquire the asset was to take advantage of long-term growth opportunities for its stakeholders. The company looks to continue expanding its digital asset treasury following this first move.

The implication of this adoption of Pump.Fun for Fitell shareholders is that the company is diversifying into digital assets. Although some might consider it high-risk, it comes with high rewards and could mean more profit for them.

It marks a huge win for Pump.Fun as it could fuel the confidence of potential investors in the meme coin. Now that PUMP is financially backed by a publicly traded company, it gives it more legitimacy and increases confidence in the asset’s long-term utility.

These could trigger more adoption of the meme coin and improve its price outlook.

PUMP price action and market outlook

As of press time, Pump.Fun was changing hands at $0.006829, which represents a 2.5% increase in the last 24 hours. The meme coin previously hit a peak of $0.007249 before a slight slip.

However, the trading volume has not matched the uptick in price. At press time, it is down by 14.28% to $749.16 million. An increase into the green zone could result in more price gains.

It appears that Pump.Fun’s price surge is fueled by the recent development and the bullish "Uptober" rally. The broader meme coin segment of the crypto market has also recorded a significant 8% surge as the sector goes into October bullish.

Meanwhile, in a positive endorsement, Solana’s Anatoly Yakovenko has highlighted that Pump.Fun’s live streaming features could make it a very competitive platform to take on TikTok, the video content social media platform.

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