Shares of Nasdaq-listed drinks company Safety Shot fell 50% after it announced a plan to buy $25 million worth of the Bonk memecoin as part of a new treasury strategy. The company is forming a strategic alliance with Bonk’s founding contributors, aiming to integrate with the memecoin’s ecosystem.
Safety Shot’s CEO, Jarrett Boon, stated that the decision to use the Solana-based memecoin as a core treasury asset was due to its “superior technology” and its ability to handle high-speed, low-cost transactions, giving it an advantage over rivals like Shiba Inu and Pepe, which run on Ethereum, and the inflationary Dogecoin.
Despite these claims, investors were not impressed. The company’s stock (SHOT) fell to $0.59 in after-hours trading. This plunge erased a 36% gain the stock had seen over the past month.
To prepare for this move, Safety Shot said it has settled all outstanding debt and maintains over $15 million in cash. The company also plans to issue $35 million in preferred shares. While this is not the first instance of a public company adopting a memecoin treasury (GD Culture Group announced a similar plan in May), the broader memecoin market cap has declined by 25% this year, even as the overall crypto market has grown.
August 2025, Cryptoniteuae
