A Biotech Firm Takes a Big Bet on Crypto

Qualigen Therapeutics, a biotech company, made a surprising move. They teamed up with BitGo, a crypto firm, to manage their digital assets. This news sent their stock soaring over 60% after hours. So, why is a biotech company getting into crypto? Well, they want to diversify their investments. They plan to put money into the top 10 cryptocurrencies. BitGo will handle the buying and secure storage of these assets. This isn't just any partnership. BitGo is known for its strict security measures. They use cold storage, which means the assets are offline and safe from hackers. Plus, they follow all the necessary rules and regulations.Now, let's talk about the stock. Qualigen's shares had a good day. They closed up over 5% during regular trading. Then, after hours, they shot up over 60%. That's a big jump! But here's something to think about. The stock has still lost value over the year. It's down about 16%. So, while this news is exciting, it's important to look at the bigger picture. Qualigen is majority-owned by Faraday Future, an electric vehicle company. This move into crypto shows they're thinking outside the box. They're not just focused on biotech or cars. They're exploring new ways to grow their investments.