Safety Shot’s $25M Bonk Bet Sparks Stock Plunge

[Hypedyor]

Safety Shot, a Nasdaq-listed wellness drinks maker, saw its shares tumble over 50% after unveiling a bold $25 million investment in the Solana-based memecoin Bonk (BONK) as its core treasury asset. The company struck a strategic alliance with Bonk’s founding contributors, aiming to embed itself deeply in the memecoin ecosystem.

 

Citing Bonk’s high-speed, low-cost transactions as advantages over rivals like Shiba Inu, Pepe, and inflationary Dogecoin, Safety Shot framed the move as the start of a “broader corporate evolution.” Bonk, the fifth-largest memecoin with a $1.9 billion market cap, has fallen 57% since its November 2024 peak.

 

Safety Shot said it prepared by settling debts and holding $15 million in cash, with plans to issue $35 million in preferred shares convertible to common stock. Despite the strategic rationale, investors reacted sharply, sending the stock (SHOT) down to $0.59 in after-hours trading. Formerly Jupiter Wellness, the company produces the Sure Shot blood alcohol detox drink.
 

The broader memecoin sector has struggled, with market capitalization down 25% in 2025, even as the overall crypto market rose 22%. This move follows a similar strategy by GD Culture Group, which announced plans to raise $300 million for a memecoin-inclusive crypto treasury earlier this year.