Pump.fun token sale worth $600 million set for July 12 on Bybit and other exchanges

The token sale for Pump.fun, a Solana-based memecoin launch platform, is set to begin July 12, crypto exchange Bybit said Wednesday, confirming plans that had been unclear after the sale page was abruptly removed from the Gate.io crypto exchange earlier this week.

Bybit will offer 150 billion $PUMP tokens at $0.004 each on a first-come, first-served basis, raising up to $600 million and representing 15% of the total supply. The sale will run through July 15, with buyers able to subscribe using Tether ($USDT), Circle’s USD Coin ($USDC), Solana ($SOL), and Bybit Staked $SOL (bbSOL).

Bybit said "several exchanges" will support the $PUMP token sale, but it is the only major global exchange participating — and the only one offering multi-chain subscription support with both stablecoins and Solana-native assets. A Bybit spokesperson declined to comment on which other exchanges will host the sale.

Earlier this week, crypto exchange Gate.io briefly listed the sale under the same terms — 150 billion $PUMP tokens at $0.004 each — before abruptly pulling the page, offering no new timeline.

At the current pricing, the $PUMP token sale translates to a $4 billion valuation. Last month, Pump.fun was reportedly planning to raise $1 billion.

Pump.fun launched in January 2024, allowing users to create and trade memecoins without writing code. The platform saw rapid growth on Solana, with trading activity peaking earlier this year amid a wider memecoin boom. Activity has since slowed, with newer platforms like LetsBonk now holding a larger share of the market.

Earlier this week, The Block’s research director, Steven Zheng, described the $PUMP token sale as "bad optics."

"Some users were surprised by $Pump doing a token sale versus an expected large airdrop that other popular apps like Hyperliquid has done," Zheng said. "While an airdrop is still likely in the works, a token sale to raise $600 million on top of the $700 million $Pump has already made since its launch can definitely be viewed as bad optics."