US and UK Investors Shut Out of Pump.fun’s $600M Crypto Gold Rush

Regulatory walls block major markets from meme coin frenzy.

Pump.fun's token sale hits $600M—but American and British buyers need not apply. The platform's geo-block follows the now-standard crypto playbook: move fast, ignore borders, and let lawyers sort it out later.

While decentralized purists cheer, traditional finance types smirk. 'Another day, another nine-figure ICO dancing around securities laws,' quips one Wall Street analyst who requested anonymity—probably to keep his job while secretly buying memecoins.

The three-day sale represents one of the largest cryptocurrency fundraising events of 2025, with the company targeting a $600 million public raise. Based on an official announcement from July 9, the initial coin offering (ICO) will operate under a first-come, first-served framework, with 150 billion PUMP tokens priced at $0.004 per token made available. The sale will end on Tuesday, July 15, 2025, at 14:00 UTC, or when all tokens are sold.

The ICO comes with a total token supply of 1 trillion, giving the project a fully diluted valuation of $4 billion. Only 49 tokens currently hold that high of a vaulation, per CoinGecko. This positions pump.fun among the most valuable cryptocurrency projects before even launching its native token.

Who Can Participate and How

Participating in the Pump.fun ICO requires KYC (Know Your Customer) verification, either through the pump.fun platform itself or through partner exchanges like Bybit, Kraken, Bitget, MEXC, KuCoin, and Gate. Investors must have funds ready on their chosen platform since the ICO will operate under a first-come, first-served framework, meaning tokens will be allocated in order of purchase.

However, significant geographic restrictions apply. For example, U.S. users are excluded from participating in the ICO, and the same restriction applies to UK residents – possibly because of regulatory challenges the company has faced in these jurisdictions.  The UK’s Financial Conduct Authority banned pump.fun in December 2024, while the company faces ongoing legal challenges in the United States, including a lawsuit filed in January 2025 in the Southern District of New York.

All tokens sold during the sale will be fully unlocked from day one, with only a brief 48-72 hour non-transferable period after the sale ends. This immediate liquidity approach differs from many ICOs that use extended vesting periods.

ICO Structure and Funding Goals

The ICO follows a two-tier structure designed to raise substantial funds for the company’s expansion plans. The 33% of total supply being sold through the ICO is split between institutional and retail investors:

• Private Sale: 18% (180 billion tokens) – already allocated to institutional purchasers
• Public Sale: 15% (150 billion tokens) – available to eligible retail investors

Each token will be sold at $0.004, putting the targeted raise over $1 billion when combining both private and public sales. The public portion alone could generate $600 million for the company.

The remaining 67% of the token supply will be distributed across various stakeholders, with 24% allocated to community and ecosystem initiatives, 20% to the team, and 13% to existing investors. This allocation structure has generated some controversy within the crypto community regarding fairness and potential insider advantages.

Platform Background and Future Plans

Pump.fun launched in January 2024 and quickly became a dominant force in the solana memecoin ecosystem. Pump.fun said it reached $100 million, $300 million, and $500 million in revenue faster than any company in history, demonstrating remarkable growth in its first year of operation.

The platform has facilitated the creation of over 6 million meme tokens, generating $250 million in revenue by November 2024. Its success stems from a low-cost model that charges under $2 for token creation and takes a 1% transaction fee, making it accessible to a wide range of users.

However, the company has bigger ambitions beyond memecoins. The ICO funds will support pump.fun’s plan to build a decentralized social network that challenges established platforms like Facebook, TikTok, and Twitch. This expansion represents a significant pivot from the company’s current focus on memecoin creation to competing in the broader social media market.

The social media vision involves creating a platform where users can earn cryptocurrency rewards based on their engagement and contributions, rather than having their data and content monetized by centralized companies. This approach could attract users frustrated with traditional social media platforms’ advertising-heavy business models.

Market Challenges and Timing

The ICO launch occurs during a challenging period for pump.fun. The platform has experienced a 75% decline in trading volumes since January 2025, with daily volumes dropping approximately 80% over six months. This decline coincides with increased competition from rival platform LetsBonk.fun, which recently surpassed pump.fun in daily revenue generation.

Despite these challenges, the company maintains that the ICO timing is strategic for its expansion plans. The funds raised will be used to develop the decentralized social network infrastructure and compete with established tech giants in the social media space.

The $4 billion valuation reflects investor confidence in the company’s growth potential, though some analysts question whether the valuation is justified given recent performance challenges. The success of the ICO will largely depend on investor appetite for ambitious blockchain projects during a period of market uncertainty.

For eligible investors interested in participating, the sale begins this Saturday at 14:00 UTC across the supported exchanges, with tokens expected to become tradable shortly after the sale concludes on July 15.