Qualigen (QLGN) Stock Rockets on Crypto Pivot – But Experts Warn It’s a Risky Bet
On Oct. 23, after the market close, Qualigen released a press statement announcing its BitGo partnershipglobenewswire.comstocktitan.net. In after-hours trading, that news sent QLGN skyrocketing: Benzinga reported a 62.6% jump after-hoursbenzinga.com. The frenzy continued into Oct. 24: TipRanks noted the stock was up more than 100% pre-market on Friday, reflecting a dramatic market reactiontipranks.com. By midday Friday the stock was trading in the $5–$6 range, roughly double its pre-news price. Qualigen’s deal with BitGo is highly unusual for a biotech: the company is effectively turning part of its cash treasury into a cryptocurrency investment fund. Under the terms announced, Qualigen will allocate about $30 million to buy a weighted basket of the top 10 coinsstocktitan.net. BitGo’s over-the-counter trading desk and cold storage infrastructure will manage these digital assets.
