The NASDAQ shares listed in the safety drinks tasked 50% after announcing a plan to buy a $ 25 million worth of Bonk Memecoin as part of a new Treasury approach.
The firm announced A strategic alliance with those contributing Bonk who contributed on Monday to deeply include the company in the memecoin ecosystem.
The firm said its decision to focus on Memecoin As a core Treasury The asset “is based on clear and unique advantages to its competitors.”
Solana-based token “benefits from great technology that allows high-speed, cheap transactions,” it said.
It added that it gives bonk an edge to rivals like Shiba Inu (Shib) and Pepe (Pepe), which is “forced by high -fees and slower speeds” of Ethereum and Dogecoin (Doge), which is inflationary.
Bonk is the fifth largest memecoin by market capitalization, with $ 1.9 billion and 77 trillion circulation tokens. Prices struck a climax in November 2024 but since 57% from high because Memecoin Frenzy has faded over the past six months.
The safety of safety said it was prepared for this move by repairing all the remaining debt and maintaining more than $ 15 million cash. It plans to issue preferred shares for $ 35 million that will be replaced by shares of the company’s standard stock.
By aligning with “one of the most eager ecosystems in digital assets,” we take a brave first step in a broader corporate evolution for our company, Boon said.
Cointelegraph contacted shot safety for more details but did not receive immediate response.
Safety Shot Stock Slumps
The move failed to impress investors while the company’s stock (shooting) fell more than 50% on Monday, falling to $ 0.59 in the time trade.
The shot shot, formerly known as Jupiter Wellness, produces an alcoholic blood alcoholic beverage under the brand sure shot. CEO Jarrett Boon is the co-founder and CEO of the GBB Drink Lab, who has developed a shot shot.
Related: Traditional companies enter the Crypto Treasury game with BTC, XRP and Sol Buyys
Company shares have moved 36% last month but have remained 22.5% since the beginning of the year.
Not the first corporate memecoin treasury
This is not the first public company to launch a Memecoin Treasury. In May, the GD culture group, dedicated to livestreaming and e-commerce, announced plans To gather up to $ 300 million for a crypto treasury reserve to include the name of US President Memecoin Trump (Trump).
Capitalization of the Memecoin Market has rejected 25% since the beginning of the year, while the general crypto market cap reached 22% at the same time, According to In coinmarketcap.
Magazine: How Ethereum Treasury Companies can spark ‘Defi Summer 2.0’
