Qualigen Therapeutics Partners BitGo for $30M Crypto Treasury Strategy

Qualigen Therapeutics said it has partnered with digital-asset infrastructure firm BitGo to deploy a $30 million corporate treasury allocation into a market-cap-weighted basket of the world’s top 10 cryptocurrencies, excluding stablecoins, with BitGo providing custody, regulated cold storage, OTC desk access and other treasury-management services. The company framed the move as a way to diversify its corporate treasury and embrace a digital-first, Web3-oriented strategy; Co-CEO Jerry Wang said the partnership reflects a commitment to financial resilience and leadership in the evolving digital economy. Qualigen, a Carlsbad-based micro-cap biotechnology company majority-owned by Faraday Future that historically focused on oncology and immunology, has been pivoting toward crypto and Web3 initiatives. The announcement prompted a sharp market reaction, with reports of large intraday, premarket and after-hours rallies variously described as mid-double-digit to over 60% moves and elevated trading volume, though the stock remains down roughly 13–16% year-to-date in some reports. Independent analysis cited by InvestingPro/Investing.com noted Qualigen’s small market capitalization, weak financial-health metrics and potential overvaluation, underscoring material financial and execution risks to the strategy.