Pump.fun Sells Another $5.83 Million in SOL to Kraken Amid Market Stress
Pump.fun, a Solana-based token launchpad, has sold another large batch of SOL to Kraken. On September 27, the platform transferred 47,994 SOL worth approximately $5.83 million to the exchange.
This move is part of a long-running pattern of large SOL batches flowing from Pump.fun-linked wallets to Kraken, which on-chain analysts have tracked since 2024. The latest transaction adds to the platform's cumulative SOL sales, which now total around $848 million at an average price near $162 per token.
Despite the significant sale, Solana's price held steady above $120, with a modest increase of 1% over the previous 24 hours and 11.6% over seven days. The broader market context remains tense, with cumulative liquidations approaching $850 million, typically reflecting stress across both long and short positions in derivatives markets.
Pump.fun's treasury activity operates alongside an established PUMP token buyback and burn program, which allocates around 50% of platform revenue toward PUMP purchases. The platform has spent approximately $463.5 million to purchase and burn 167.91 billion PUMP tokens as of September 25.
The simultaneous operation of a buyback program and recurring SOL sales to Kraken paints a complex picture of treasury management, with Pump.fun systematically converting protocol revenue into PUMP buybacks while also maintaining a long-running pattern of SOL transfers to centralized exchanges.