Safety Shot Shares Plunge After $25M Bonk Memecoin Bet

Description

Shares of Nasdaq-listed beverage company Safety Shot tumbled 50% on Monday after the firm unveiled plans to purchase $25 million worth of Bonk, a Solana-based memecoin, as part of a revamped treasury strategy. The company said it had formed a strategic alliance with Bonk’s founding contributors, aiming to integrate itself deeply into the token’s ecosystem. According to Safety Shot, the decision to focus on Bonk as its primary treasury asset was driven by the token’s “clear and distinct advantage...