Qualigen Therapeutics Stock Soars 83% Following $30 Million Crypto Treasury Deal with BitGo
Qualigen Therapeutics (NASDAQ: QLGN) saw its stock surge by more than 83% on Thursday later than a $30 million digital asset treasury deal with , marking a major step in its transformation from a biotech firm to a Web3-focused enterprise.
According to the company’s October 23 announcement, Qualigen partnered with BitGo to manage a $30 million allocation into a diversified crypto treasury. The funds will be deployed into a market capitalization–weighted “C10” basket comprising the world’s top 10 cryptocurrencies, excluding stablecoins.
Under the agreement, BitGo will provide institutional-grade custody and execution services, including cold storage, over-the-counter (OTC) trading, and compliance oversight. The collaboration ensures Qualigen’s crypto holdings are managed with the security and regulatory standards expected from institutional investors.
“Qualigen has always stood at the intersection of innovation and technology,” said Jerry Wang, Co-CEO at Qualigen. “Our partnership with BitGo allows us to further diversify our corporate treasury with digital assets, reflecting our commitment to both financial resilience and leadership in the evolving digital economy.”
The deal follows a $41 million private investment in public equity (PIPE) financing closed in late September, led by Faraday Future Intelligent Electric Inc., which invested $30 million. The financing set the stage for Qualigen’s planned rebrand to CXC10, highlighting its shift toward blockchain and decentralized finance initiatives.
Market reaction to the announcement was swift. QLGN shares soared in pre-market trading, climbing over 80% before settling around $4.60 by mid-day Friday, according to Nasdaq data. The stock had previously traded below $2.50 earlier in the week.
This sharp rally shows investor appetite for traditional firms embracing digital asset strategies, though they caution that Qualigen’s pivot represents a significant operational and regulatory challenge.
While the move positions Qualigen alongside a growing list of public companies experimenting with crypto balance-sheet strategies, it also introduces new volatility tied to the broader digital asset market. The company’s financial stability will now hinge partly on cryptocurrency price performance.
Just recently, to provide crypto custody services, a move welcomed by analysts predicting renewed momentum for XRP in the months ahead.
In fact, under which BitGo Trust Company will act as custodian for StableX’s digital assets, while its affiliated trading platforms will support StableX’s planned crypto acquisitions via its OTC desk.
Nonetheless, the partnership with BitGo marks a milestone in establishing institutional credibility. With its secure custody infrastructure and deep liquidity network, BitGo’s involvement provides the foundation Qualigen needs to manage digital assets at scale.
