Qualigen Therapeutics (QLGN) Shares Surge 62% in After-Hours Trading Following Collaboration with BitGo to Create Multi-Asset Crypto Treasury
Partnership Announcement: Qualigen Therapeutics Inc. has partnered with BitGo to implement a multi-asset cryptocurrency treasury strategy, significantly boosting its stock price in after-hours trading.
Stock Performance: Following the announcement, QLGN shares surged over 60% after-hours, building on a 5.37% increase during regular trading, despite a year-to-date decline of 16.15%.
Investment Strategy: The biotech company plans to invest in a diversified portfolio of the top 10 cryptocurrencies, utilizing BitGo’s over-the-counter desk for liquidity and custody.
Regulatory Compliance: BitGo will manage the digital assets in regulated cold storage, ensuring compliance with necessary protocols as part of the treasury management strategy.
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US Bitcoin Spot ETF Experienced a Net Outflow of $147.4 Million Yesterday, While Ethereum Had a Net Outflow of $64.6 Million
US Bitcoin ETF Net Outflow: The net outflow of the US Bitcoin spot ETF was reported at $147.4 million, with significant contributions from BlackRock and Fidelity.
BlackRock and Fidelity Contributions: BlackRock's Bitcoin ETF saw an outflow of $102.8 million, while Fidelity's Bitcoin ETF experienced an outflow of $44.6 million.
US Ethereum ETF Net Outflow: The net outflow for the US Ethereum spot ETF was $64.6 million, with BlackRock and Grayscale being the main contributors.
BlackRock and Grayscale Contributions: BlackRock's Ethereum ETF had an outflow of $59.0 million, and Grayscale's Ethereum ETF saw an outflow of $14.6 million.
ARK Invest, Led by Cathie Wood, Projects Tokenized Assets May Hit $11 Trillion Within 5 Years
Growth of Tokenized Assets: ARK Invest projects that tokenized assets could increase from approximately $19 billion to over $11 trillion by 2030, driven by stablecoins and institutional adoption of blockchain-based infrastructure.
Ethereum's Dominance: Ethereum remains the leading blockchain for tokenized assets, hosting over $400 billion in on-chain capital, and stablecoins are increasingly being used for settlement and liquidity rather than purely as crypto-native instruments.
Market Trends: The market for tokenized assets is expected to triple by 2025, with tokenized U.S. Treasuries and commodities leading the growth, as stablecoins and large-cap tokens account for about 90% of on-chain value across major networks.
Industry Perspectives: Leaders from various financial institutions, including BlackRock and Standard Chartered, emphasize the growing importance of tokenization in reducing friction in financial markets and enhancing engagement with regulated infrastructure.
