- Qualigen Therapeutics announced a $30 million partnership with BitGo to manage its C10 digital asset treasury.
- The company will allocate funds into a market-cap-weighted portfolio of the world’s top 10 cryptocurrencies, excluding stablecoins.
- BitGo will provide secure custody, liquidity, and over-the-counter (OTC) trading services for the holdings.
- The move follows a $41 million investment from Faraday Future Intelligent Electric, which now holds a majority stake in Qualigen.
- Investor sentiment was strongly positive after the announcement, but some caution was expressed about potential short-term profit-taking.
Qualigen Therapeutics saw its shares rise 62% in after-hours trading, following the announcement of a $30 million partnership with BitGo to manage its C10 digital asset treasury. The agreement signifies a shift for the company as it expands deeper into the cryptocurrency and Web3 sectors.
Under the new arrangement, Qualigen will diversify $30 million across the ten largest cryptocurrencies by market capitalization, while specifically excluding stablecoins. BitGo will handle cryptocurrency custody, provide liquidity, and operate trading through its regulated platform. Security and regulatory compliance will be maintained via cold storage and institutional-grade processes.
BitGo CEO Mike Belshe called the deal “a $30 million multi-asset allocation that demonstrates the growing confidence among enterprises in building a digital-first treasury strategy.” The partnership is designed to strengthen Qualigen’s balance sheet and support its new strategic direction.
This development follows a recent announcement from Faraday Future Intelligent Electric that it would invest $41 million in Qualigen, securing a majority ownership stake of over 55%. Faraday’s founder, YT Jia, additionally contributed $4 million through a loan, raising overall ownership close to 62%. The goal is to rebrand Qualigen as CXC10, move away from biotech, and focus on crypto, Web3, decentralized AI, and ecosystem tokens, including future plans for a stablecoin.
Jia stated the initiative is intended to “connect AI and crypto, bridging Web2 and Web3 technologies to create value for both shareholders and token holders.” Prior to this announcement, the C10 Treasury had reportedly invested $10 million in crypto assets, achieving an unrealized 7% gain by mid-September, surpassing its C10 Index benchmark.
Following the company update, investor activity spiked, with high optimism reflected in market sentiment. However, some traders expressed caution, suggesting that short-term gains could lead to profit-taking and a potential share price pullback by the end of the week.
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