Nasdaq-listed firm slumps 50% on BONK memecoin treasury play
Wellness drinks maker Safety Shot made a bold shift into a memecoin treasury strategy, but shareholders were not impressed.
Shares in Nasdaq-listed drinks maker Safety Shot tanked 50% after announcing a plan to buy $25 million worth of the Bonk memecoin as part of a new treasury strategy.
The company announced a strategic alliance with the Bonk founding contributors on Monday to deeply integrate the company with the memecoin ecosystem.
Safety Shot said its decision to focus on the memecoin as the core treasury asset “is based on its clear and distinct advantages over its competitors.”