TLDR
- Qualigen Therapeutics (QLGN) partnered with BitGo to allocate $30 million into a diversified basket of 10 digital assets as part of its treasury strategy.
- The stock jumped 5% to $3.53 following the announcement, with premarket trading showing a 75% surge.
- BitGo will provide qualified custody services, cold storage, and over-the-counter trading desk access for the crypto treasury.
- The allocation targets the top 10 cryptocurrencies by market cap, excluding stablecoins, marking a shift toward digital-first treasury management.
- Qualigen describes itself as a biotechnology company majority owned by Faraday Future, now pursuing cryptocurrency and web3 initiatives.
Qualigen Therapeutics announced a partnership with BitGo to restructure its corporate treasury with digital assets. The company will invest $30 million across 10 cryptocurrencies through BitGo’s institutional services.
The allocation focuses on the top 10 digital assets by market capitalization. Stablecoins are excluded from the basket. BitGo will handle custody, storage, and trading execution for the portfolio.
The stock closed at $3.53, up 5% on the announcement. Premarket trading showed a 75% gain as investors reacted to the news. Trading volume increased as the partnership details became public.
Qualigen Therapeutics, Inc., QLGN
Qualigen describes itself as a biotechnology company with majority ownership by Faraday Future. The company is based in Carlsbad, California. It traditionally focused on oncology and immunology therapeutics.
The company is now pursuing cryptocurrency and web3 strategic initiatives. This represents a shift from its historical focus on medical research. The treasury reallocation reflects this strategic pivot.
Jerry Wang, Co-CEO at Qualigen, said the partnership allows further diversification of corporate treasury with digital assets. He characterized it as reflecting commitment to financial resilience. The statement emphasized the company’s position in the evolving digital economy.
BitGo Provides Custody and Trading Infrastructure
BitGo was founded in 2013 and provides digital asset infrastructure to institutional clients. The company offers custody, wallets, trading, and settlement services. It operates through multiple regulated entities.
BitGo will store Qualigen’s treasury assets in regulated cold storage. This provides security for the digital holdings. The company will also provide access to its over-the-counter trading desk.
Mike Belshe, CEO of BitGo, said the allocation demonstrates growing confidence among enterprises. He referenced the trend toward digital-first treasury strategies. BitGo’s platform is designed to support institutional adoption of digital assets.
The custody services meet regulatory compliance standards. BitGo’s infrastructure eliminates operational risks for clients. This allows Qualigen to focus on execution rather than technical management.
Treasury Strategy Expands Beyond Traditional Assets
The $30 million represents a shift from traditional treasury management. Qualigen is moving toward a digital-first financial structure. The allocation will be spread across multiple cryptocurrencies to manage risk.
The company expects this strategy to complement operational goals. It aligns with broader cash flow planning initiatives. BitGo’s platform will provide execution and oversight as markets change.
The investment will be actively managed through BitGo’s OTC desk. This allows tactical participation in cryptocurrency markets. The diversified approach aims to balance exposure across different digital assets.
Qualigen aims to maximize value from the diversified basket. The company plans to manage exposure through the partnership structure. The allocation is expected to appear in upcoming quarterly financial statements.
The partnership enables access to institutional-grade digital asset management. BitGo’s integrated infrastructure simplifies the adoption process. This removes technical barriers that typically slow corporate treasury transitions.
The collaboration positions Qualigen to participate in digital asset markets with professional oversight. BitGo handles security, compliance, and trading execution. Qualigen retains control over strategic allocation decisions.
The treasury allocation marks a new phase for the company. It represents one of the larger corporate moves into diversified cryptocurrency holdings. The partnership provides both liquidity access and secure custody through regulated channels.
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