Qualigen Therapeutics Soars on Surprise Crypto Treasury Strategy with BitGo
Qualigen Therapeutics (QLGN) shares more than doubled in pre-market trading after announcing a strategic pivot into cryptocurrency. The biotech firm revealed a partnership with BitGo, a leading digital asset custodian, to manage a portion of its corporate treasury through exposure to major cryptocurrencies—excluding stablecoins.
The move signals a bold departure from Qualigen's traditional biotech focus, with management framing crypto investments as a balance sheet optimization strategy. Market reaction was immediate and violent, with the stock's 100%+ surge erasing months of underperformance in a single session.
Wall Street remains skeptical. TipRanks' AI analyst maintains an Underperform rating, citing persistent revenue challenges and financial strain. Yet the market appears to be rewarding the company's attempt to ride the digital asset wave—a high-risk, high-reward gamble characteristic of this market cycle.
