Nasdaq-listed wellness company Safety Shot (SHOT) announced on August 11 a strategic pivot to establish a corporate treasury centered on Solana-based memecoin BONK. The initial phase involves receiving $25 million worth of BONK tokens from the project's founding contributors, exchanged for $35 million in convertible preferred shares issued by Safety Shot.
Core BONK contributor Nom will join Safety Shot's team to oversee the accumulation strategy, targeting acquisition of 4-5% of BONK's total supply (valued at approximately $115 million at current prices) by year-end 2025. CEO Jarrett Boon emphasized this partnership initiates a "broader corporate evolution," with plans to expand collaboration across the Solana ecosystem during digital infrastructure development.
Safety Shot highlighted BONK's Solana blockchain foundation as decisive, citing advantages in transaction speed and cost over Ethereum-based rivals like Shiba Inu and Pepe. BONK currently ranks as the fifth-largest memecoin with a $2+ billion market capitalization. The allocation follows Safety Shot's balance sheet optimization leaving it with $15+ million cash reserves.
This move aligns with a 2025 trend of public companies diversifying beyond Bitcoin treasuries. Notable examples include Bit Origin's $500 million Dogecoin (DOGE) plan, SharpLink Gaming's 600,000 Ethereum (ETH) holdings, and major allocations toward XRP, BNB, and HYPE tokens by other firms.