Pump.fun raises $600 million in 12 minutes as PUMP tokens fully sell out

Memecoin launchpad Pump.fun raised $600 million through its token sale to the public in just 12 minutes, selling out of its supply in a much shorter time frame than the 72 hours the platform had allotted to the sale. Pump.fun offered 15% of the total supply of 1 trillion PUMP tokens at a price of $0.004 per token. The sale, which was conducted across multiple exchanges and available to users who completed know-your-consumer (KYC) checks, raised money for the platform's stated goal to "Kill Facebook, TikTok, and Twitch...On Solana." "[W]hile the token will be fully functional at launch, we’re giving thorough consideration to utility mechanisms like fee rebates, token buybacks, or other incentives and promotions," the Pump.fun team said on X in advance of the token sale. The Block previously reported that the platform is considering sharing protocol revenue with token holders. Token distribution via Pump.fun33% of the PUMP token's supply was allocated to its initial coin offering; of that 33%, 18% has been fully allocated to buyers in a private sale, according to the platform. Though the platform's token sale website initially said just 12.5% of the tokens were available in the public sale, Pump.fun co-founder Alon Cohen told Bloomberg News that the full 15% of the tokens set aside for the public were sold out, generating $600 million for the platform.Crypto exchange Bybit, one of Pump.fun's partners for the launch, said its offering was oversubscribed, blaming an API delay and apologizing to its users."For users who submitted a subscription and whose funds remain in a frozen state, we are currently verifying the final allocation outcomes," Bybit said on X. "Users who did not receive an allocation due to the unexpected API delay will have their funds fully refunded."The token sale comes as Pump.fun faces rising competition from LetsBONK, a rival Solana-based memecoin launchpad that supports the BONK memecoin ecosystem. LetsBONK has processed more in volume than Pump.fun over the past seven days, according to a Dune dashboard. Updated at 12:30 EST to correct the total amount raised. Updated at 1:00 EST with Bybit's statement. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.