Beverage company Safety Shot Inc. has disclosed plans to acquire up to $115 million worth of BONK, a prominent meme coin native to the Solana blockchain. This substantial investment is a key element of the company’s new treasury strategy aiming to hold 4-5% of BONK’s total supply before the end of the year.
As part of this sizable acquisition, Safety Shot will receive an initial allocation of $25 million worth of BONK directly from the coin’s founding contributors. BONK, recognized as a major community-driven token on Solana, currently holds a market capitalization exceeding $2 billion.
The announcement of this strategic pivot towards holding BONK as a treasury asset, with the goal of solidifying its status as an investable asset, triggered an immediate market reaction. Safety Shot’s stock price experienced a sharp decline of 51% following the news.