In brief
- Digital asset treasury company Safety Shot Inc., is set to rebrand itself to Bonk, Inc. on Friday.
- The firm says its part of a crucial shift into the "digital asset space" as it looks to "evolve" its plans and "sell off any unnecessary assets.”
- Its stock is up 37.65% over the past 5 days, as it acquired 2.7% of the total circulating supply of BONK.
A beverages company turned meme coin treasury is set to rebrand from Safety Shot, Inc. to Bonk, Inc. on Friday. The firm says the shift—which will see the firm trade via the ticker BNKK—is an important way for it to provide “clarity” about the brand as it looks to “evolve” its plans and “sell off any unnecessary assets.”
The announcement follows the firm bumping its Bonk (BONK) holdings to 2.7% of the circulating supply, valued at approximately $43 million, according to the BonkDat dashboard. Bonk, Inc. aims to accumulate 5% of the BONK circulating supply by the end of the year.
“The focus is shifting into the digital asset space, to be a public company working not just on collecting the asset but also on consolidating various Bonk projects and revenue streams into a single, publicly investable entity,” Bonk, Inc., board member and BONK core contributor Mitchell Rudy, better known online as Nom, told Decrypt.
Still trading under the SHOT ticker, according to Yahoo Finance, the firm’s stock has climbed nearly 38% over the past five days. However, it is down more than 3% over the past month.
Bonk Inc. is just one of many digital asset treasury companies, with Michael Saylor’s Strategy leading the way with over $77 billion in Bitcoin. Prominent Ethereum treasury company SharpLink claims to be utilizing its ETH holdings to generate yield through staking, and is actively exploring additional yield-bearing options.
Due to Bonk not having a native staking feature, Rudy explained, the firm is also seeking alternative methods of producing yield on its holdings.
“We are exploring a number of different options around yield,” Rudy told Decrypt. “The goal remains accumulating more BONK, so the idea of covered calls, etc., doesn’t make sense—[we are] not looking to exit the token.”
Bonk is a Solana meme coin that emerged from the wreckage of the FTX collapse, which had an outsized impact on Solana due to Sam Bankman-Fried’s vocal support of the network. The token was airdropped to Solana builders and community members, helping to restore faith in the ecosystem. (And some of those early builders made bank on BONK—if they held it.)
It has since evolved from a mere meme coin to a project creating important tools for the network, such as a trading bot, an automatic market maker, and more.
Rudy explained that Bonk, Inc. will be looking to invest in these products. In fact, it has already acquired a 10% revenue share in meme coin launchpad LetsBonk—which briefly accounted for the majority of token creations on Solana in July.
“The Bonk ecosystem has historically seen its strongest performance in the fourth quarter, and we are strategically positioning our treasury to capitalize on that,” Rudy said in a release. “Our goal of reaching 5% of the circulating supply is not just an arbitrary number; it’s a clear milestone on our path to building the premier public vehicle for the Bonk ecosystem and delivering significant, long-term value to our shareholders.”
BONK sits at a $1.46 billion market capitalization after a 5.4% weekly decline, according to CoinGecko. It is the 96th-largest cryptocurrency overall, and the third-largest Solana meme coin.