Australian listed company Fitel acquires 2 billion won worth of meme coin "Pumpfun" and becomes the first company to be officially listed on the corporate treasury.

Fitell Corp, an Australian Nasdaq-listed company, has added the meme coin "Pump.fun" to its treasury, adding a new dimension to the cryptocurrency adoption trend centered on major altcoins. This adoption marks the first institutional investment in Pump.fun, a rival to Shiba Inu (SHIB), and is being seen as a sign of strengthening the meme coin's position.

Phitel Corporation acquired a total of 216.8 million PumpFun tokens for approximately $1.5 million (approximately KRW 2.085 billion). The assets attracted significant attention because they were not simply traded but were incorporated into the company's treasury without any sales restrictions. The company explained this purchase as part of its strategy to expand the Solana (SOL) ecosystem and stated its intention to increase its digital asset holdings with an eye toward the future.

Sam Lu, CEO of Phitel Corporation, noted PumpFun's potential, stating, "Our strategy is to maximize shareholder value by leveraging long-term growth opportunities." Lu emphasized the significance of this asset being Phitel Corporation's first memcoin addition to its treasury, highlighting the growing importance of a robust digital portfolio in a rapidly changing financial environment.

While memecoins are considered highly volatile and high-risk assets, their credibility and liquidity could dramatically improve if companies, like this one, officially adopt them. This is the first case of a publicly listed company directly sponsoring a memecoin, which is considered positive for building investor confidence.

Pumpfun is currently trading at $0.006829 (approximately 9.5 won), up approximately 2.5% from 24 hours ago. Daily trading volume has decreased by approximately 14% to $749.16 million (approximately 1.0416 trillion won). However, expectations for further gains are growing, driven by institutional demand and the seasonal upward trend known as "Uptober."

Meanwhile, Solana co-founder Anatoly Yakovenko garnered attention by mentioning Pumpfun's live streaming feature, saying it has the potential to compete with social platforms like TikTok. This developer support raises expectations for Pumpfun's technological scalability and expanded service scope.

Pumpfun's latest case is noteworthy not only because it demonstrates the simple rise in popularity of memecoins, but also because it represents a significant turning point in how digital assets can play a substantial role in corporate financial strategies.

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