Pump.fun Sells Another $5.83M in SOL, Total Treasury Liquidations Top $848 Million

Pump.fun, the Solana-based site that lets anyone launch a memecoin in seconds, sold another chunk of its Solana holdings on September 26, 2026. The sale: 47,994 SOL, worth roughly $5.83 million at the time.

That single transaction, tracked by on-chain analyst Lookonchain, pushed Pump.fun's cumulative SOL liquidations to 5,236,623 tokens worth approximately $848 million since the platform launched in early 2024. The average sale price across all those transactions sits at about $162 per SOL, according to Lookonchain's data, cited identically across PANews, KuCoin, Phemex, and Gokhshtein Media.

This isn't a one-off. Pump.fun has run this playbook for over a year: collect fees, convert a chunk of them to SOL through trading activity, then systematically sell that SOL back into cash or stablecoins. Batch sizes typically range from 50,000 to 130,000 SOL per tranche. Past sales have included 132,935 SOL for $13.75 million and 77,705 SOL for $7.88 million, according to Crypto Briefing.

How the money actually works

Pump.fun makes money the old-fashioned way: it takes a cut. The platform charges roughly a 1% fee on token launches and trades that flow through its permissionless launchpad, according to Crypto Briefing and Gokhshtein Media. Anyone can create a token, anyone can trade it, and Pump.fun collects on both ends.

That fee structure has generated over $1 billion in cumulative revenue for the platform, with the bulk of it piling up during 2025's memecoin frenzy, per Crypto Briefing's reporting. Whatever you think of memecoins as an asset class, the fee-collection business behind them has been wildly profitable.

In July 2025, Pump.fun launched its own token, PUMP, built around a buyback-and-burn mechanism. Half of the platform's net revenue gets funneled into buying PUMP tokens off the open market and destroying them permanently, shrinking the supply. Roughly $457 million has gone toward those buybacks and burns so far, according to Gokhshtein Media and Crypto Briefing.

So the split is straightforward: half the revenue converts to hard cash through SOL sales, the other half props up Pump.fun's own token through supply reduction. It's a two-track treasury strategy, and it's been remarkably consistent regardless of what SOL's price is doing on any given day.

The sell-pressure argument, and why it hasn't tanked SOL

Critics of Pump.fun's approach have a fair point worth stating plainly. A platform systematically dumping tens of thousands of SOL every few days, month after month, creates constant sell pressure on an asset that retail traders are also holding. If a company is offloading $848 million worth of your token over time, that's real supply hitting the market regardless of demand.

Solana's price rose to around $121 heading into the weekend of September 26, 2026, up 8.6% for the week, driven by more than $360 million in inflows into U.S. spot Solana ETFs recorded through the most recent trading session on Friday, September 25, according to Pluang. SOL cleared $119 resistance and touched $122, its highest level since January, on the back of six straight trading sessions of ETF inflows totaling over $235 million, per the same reporting. Note that U.S. equity markets, including spot ETFs, do not trade on weekends, so these inflow figures reflect the last completed trading week rather than weekend activity.

Institutional demand through regulated ETF products has, for now, more than absorbed whatever sell pressure Pump.fun's treasury conversions are adding. Nearly 69% of SOL's total supply is currently staked, offering a gross yield of about 5.27% before fees, according to Pluang, which also cited a consensus of AI-model forecasts projecting SOL near $125.23 by October 1, 2026, an estimate, not a locked-in outcome.

What's actually unresolved

Pump.fun has never disclosed a formal, published treasury policy explaining exactly why it liquidates in the batch sizes it does or what price triggers a sale. The pattern documented by Lookonchain looks automated and rules-based, but no source here confirms the internal logic, and Pump.fun has not issued a public statement detailing its liquidation criteria.

What's confirmed is the math: $848 million converted out of SOL, $457 million recycled into PUMP buybacks, and over $1 billion in total lifetime revenue from a fee model that charges roughly a penny on every dollar that moves through the casino. Whether that revenue trajectory holds up once the current memecoin cycle cools is the open question nobody in these reports answers.