NextEra Energy stock rises after Google power deal report
NEW YORK - Qualigen Therapeutics Inc. (NASDAQ:QLGN), a micro-cap biotechnology company with a market capitalization of $6.05 million and currently trading at $3.53, announced Thursday a strategic partnership with digital asset infrastructure company BitGo to support its C10 treasury strategy, which will invest in a market-cap-weighted basket of the world’s top 10 cryptocurrency assets, excluding stablecoins. According to InvestingPro analysis, the stock has shown high price volatility in recent months.
The $30 million multi-asset allocation will utilize BitGo’s treasury management services, combining access to liquidity with qualified custody services. BitGo will provide secure, regulated cold storage for Qualigen’s digital assets with compliance protocols meeting security standards. This significant allocation comes as Qualigen faces financial challenges, with InvestingPro data showing a weak financial health score of 1.56 and a concerning current ratio of 0.71.
"Our partnership with BitGo allows us to further diversify our corporate treasury with digital assets, reflecting our commitment to both financial resilience and leadership in the evolving digital economy," said Jerry Wang, Co-CEO at Qualigen, according to the company’s press release.
Mike Belshe, CEO at BitGo, stated that the allocation "demonstrates the growing confidence among enterprises in building a digital-first treasury strategy."
Qualigen, a biotechnology company headquartered in Carlsbad, California, is majority owned by Faraday Future. The company focuses on developing oncology and immunology therapeutics while pursuing crypto and web3 strategic initiatives. The company’s stock has declined 13.54% year-to-date, and InvestingPro analysis suggests the stock is currently overvalued relative to its Fair Value. Unlock 8 additional key financial insights and expert analysis with InvestingPro’s comprehensive company report.
BitGo, founded in 2013, provides custody, wallets, staking, trading, financing, and settlement services from regulated cold storage facilities. The company serves thousands of institutions and millions of investors globally.
This partnership positions Qualigen as one of the first global technology companies to adopt a diversified digital asset treasury strategy, according to the announcement.
In other recent news, Qualigen Therapeutics has made significant financial strides with the successful closing of a $41 million private investment in public equity (PIPE) financing, primarily led by Faraday Future Intelligent Electric. Faraday Future’s investment of approximately $30 million in Qualigen’s common and preferred stock has resulted in a 55% pro forma beneficial ownership. This development marks a strategic shift for Qualigen as it plans to transform into a Web3 and crypto-focused business, with intentions to rebrand as CXC10.
Additionally, Qualigen Therapeutics has announced a partnership with BitGo to implement a crypto-focused treasury management strategy. This initiative involves a $30 million multi-asset allocation in a market-cap-weighted basket of the world’s top 10 cryptocurrency assets, excluding stablecoins. The assets will be secured in BitGo’s regulated cold storage.
In corporate governance news, Qualigen has appointed Kevin Chen as an independent member of its Board of Directors. Chen, who is the Chief Economist and Chief Investment Officer of Horizon Financial, brings extensive experience with board positions at several publicly listed companies. These recent developments highlight the company’s strategic focus on expanding its financial and operational capabilities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.