The Solana meme coin was praised by the company for its speed and low fees compared to rivals like Shiba Inu, PEPE, and Dogecoin. Despite clearing debt and holding $15 million in cash, the move attracted a sharp negative reaction from investors, who sent shares to $0.56.
Safety Shot Shares Dive
Shares of Nasdaq-listed drinks maker Safety Shot plunged 50% after the company revealed plans to purchase $25 million worth of the Bonk meme coin as part of a new treasury strategy. The move was announced on Monday, and it includes a strategic alliance with Bonk’s founding contributors that is aimed at deeply integrating the firm into the meme coin’s ecosystem.
Announcement from Safety Shot
Safety Shot described Bonk as having “clear and distinct advantages” over rival tokens, due to the Solana-based coin’s high-speed, low-cost transactions compared to the higher fees and slower speeds of Shiba Inu (SHIB), PEPE, and inflationary Dogecoin (DOGE).
BONK is currently ranked as the fifth-largest meme coin by market cap at $1.9 billion with 80 trillion tokens in circulation. It has seen its price drop by close to 58% since peaking in November of 2024 as the broader meme coin frenzy cooled.
Top meme coins by market cap (Source: CoinMarketCap)
Safety Shot said it paved the way for the shift by clearing all debt, maintaining over $15 million in cash, and planning to issue $35 million in preferred shares convertible into common stock. CEO Jarrett Boon called the move a “bold first step” in a corporate evolution, and is excited about the appeal of aligning with “one of the most exciting ecosystems in digital assets.”
Despite the enthusiasm from management, investors reacted negatively by sending Safety Shot shares tumbling to $0.56. Formerly known as Jupiter Wellness, the company is best known for manufacturing the Safety Shot blood alcohol detox drink.
Safety Shot share price over the past 24 hours (Source: Google Finance)
The decision follows a similar path that was taken by GD Culture Group earlier this year when it announced plans for a crypto treasury that will include the TRUMP meme coin. However, the meme coin sector has struggled in 2025, with market cap down 25% year-to-date, even though the overall crypto market grew by 22%.
