Safety Shot has formed BONK Holdings, a new subsidiary that the Nasdaq-listed company will use in its quest to accumulate Bonk as part of its digital asset strategy.
Summary
- Nasdaq-listed firm Safety Shot creates BONK Holdings to accelerate its digital asset treasury strategy.
- BONK Holdings has acquired over 228 billion BONK at the average price of $0.00002181.
- The company plans to leverage staking and yield farming to earn more BONK.
Safety Shot said in an announcement on Thursday that BONK Holdings will be the main driver of its digital asset strategy. The company, a key player in the lets.Bonk ecosystem following recent integration, plans to leverage the new subsidiary to build its treasury strategy around BONK.
Having acquired the Solana-based memecoin as a treasury asset following two raises, Safety Shot has added a further $5 million purchase.
The company executed this Bonk (BONK) token buy via a partnership with digital asset prime brokerage firm FalconX, and BONK Holdings currently holds a total of 228,908,284,661 BONK, worth $55 million and acquired at an average purchase price of $0.00002184.
Deals for Bonk see the company’s holdings of the memecoin add up to about 2.5% of BONK’s total circulating supply, the firm said in a press release.
“The formation of BONK Holdings and our strategic partnership with FalconX are pivotal steps in our mission to build the premier, publicly traded vehicle for the BONK ecosystem,” said Jarrett Boon, chief executive officer of Safety Shot.
Why BONK?
The race for digital asset strategies on Wall Street continues, with top coins attracting attention as public companies look to copy Michael Saylor’s playbook for Bitcoin (BTC), including Ethereum, XRP, Solana and BNB.
Memecoins such as Dogecoin and Bonk have also become treasury reserve assets as companies add them to balance sheets.
“We are aggressively accumulating a significant position in what we believe is a top-tier digital asset. The fact that our current digital and cash assets alone are valued above our entire market cap highlights the tremendous and currently unrecognized value of our Sure Shot and Yerbaé brands,” Boon added.
Safety Shot, through BONK Holdings, will adopt all channels that allow it to tap into its BONK treasury for new revenue streams. These include active participation in Solana’s decentralized finance ecosystem via staking, liquidity provision and yield farming. An active treasury management model means the company will be able to generate more non-dilutive returns on its BONK tokens.
