TLDR
- Qualigen Therapeutics (QLGN) revealed a $30 million partnership with BitGo to diversify its corporate treasury with digital assets.
- The biotech company will invest across 10 major cryptocurrencies, excluding stablecoins, using BitGo’s custody and trading services.
- QLGN stock rose 5% to $3.53 on the news, with premarket trading showing a 75% jump.
- BitGo will provide regulated cold storage and OTC desk access for secure asset management.
- The move represents a strategic shift for the Faraday Future-backed company toward web3 and cryptocurrency initiatives.
Qualigen Therapeutics announced a partnership with BitGo to transform its treasury strategy through digital assets. The company committed $30 million to a diversified portfolio of 10 cryptocurrencies.
The stock gained 5% to close at $3.53 following the announcement. Premarket activity showed a 75% surge as traders responded to the news. Volume increased across trading sessions.
Qualigen Therapeutics, Inc., QLGN
BitGo will manage custody, storage, and trading for the allocation. The partnership focuses on the top 10 digital assets by market cap. Stablecoins are excluded from the investment basket.
Qualigen is a Carlsbad, California-based biotechnology company. Faraday Future holds majority ownership. The company traditionally focused on oncology and immunology therapeutics but is now expanding into cryptocurrency and web3 strategies.
Jerry Wang, Co-CEO at Qualigen, said the partnership enables further treasury diversification with digital assets. He highlighted the company’s commitment to financial resilience. The move reflects positioning in the evolving digital economy.
BitGo Delivers Institutional-Grade Digital Infrastructure
BitGo brings over a decade of experience in digital asset services. Founded in 2013, the company serves institutional clients through regulated entities. Services include custody, wallets, trading, and settlement.
The platform will store Qualigen’s assets in regulated cold storage. This provides security and compliance for the digital holdings. BitGo’s OTC desk will handle trading execution.
Mike Belshe, BitGo’s CEO, said the allocation shows growing enterprise confidence in digital-first treasury approaches. The partnership demonstrates institutional adoption of cryptocurrency. BitGo’s infrastructure reduces operational complexity for corporate clients.
The custody solution meets regulatory requirements. Security protocols protect assets while maintaining liquidity access. This combination allows Qualigen to participate in digital markets with professional oversight.
$30 Million Allocation Marks Strategic Pivot
The investment represents a departure from traditional treasury management. Qualigen is adopting a digital-first financial structure. The diversified approach spreads risk across multiple cryptocurrencies.
The company expects the strategy to support operational goals. It aligns with broader financial planning initiatives. BitGo will provide ongoing management as market conditions evolve.
Active management through BitGo’s OTC desk enables tactical positioning. The diversified basket aims to optimize value while controlling exposure. Results will appear in future quarterly reports.
The partnership removes technical barriers to digital asset adoption. BitGo handles security, compliance, and execution. Qualigen maintains strategic control over allocation decisions.
This treasury restructuring marks a new direction for the company. It positions Qualigen among corporate entities embracing cryptocurrency holdings. The deal combines institutional custody with trading flexibility through regulated channels.
The $30 million commitment reflects confidence in digital asset markets. BitGo’s platform provides the infrastructure for secure participation. The partnership structure balances innovation with risk management.
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