Safety Shot, a Nasdaq-listed wellness drinks maker, saw its stock plunge over 50% to $0.59 after announcing it would allocate $25 million of its treasury into the Solana-based memecoin Bonk (BONK) as part of a strategic alliance with its founding contributors. The company touted Bonk’s low-cost, high-speed transactions as superior to rivals like Shiba Inu, Pepe, and Dogecoin, framing the move as the first step in a broader corporate evolution. Despite settling all debts, holding $15 million in cash, and planning a $35 million preferred share issuance, investors reacted negatively. Bonk, the fifth-largest memecoin with a $1.9 billion market cap, has fallen 57% since peaking in November 2024. While Safety Shot is not the first public firm to adopt a memecoin treasury GD Culture Group made a similar move with the TRUMP coin in May the memecoin sector overall has dropped 25% this year, even as the wider crypto market gained 22%.