Safety Shot Drops Over 10% After Bonk Rebranding, Pivot To Memecoin Treasury

Safety Shot (SHOT) shares were down over 10% in early trading on Thursday after the company announced that it has changed its corporate name to Bonk Inc. to reflect its focus as a key player in public markets and digital assets.

The company said it would begin trading on the Nasdaq Capital Market under its new name and the new ticker symbol ‘BNKK’ at the open of trading on October 10. The rebranding comes just a day after the company announced it would be pivoting to a digital asset treasury (DAT) model based on the memecoin Bonk (BONK). The dog-themed cryptocurrency, launched in 2022 and built on the Solana (SOL) blockchain, boasts over 350 projects that provide it with real use cases beyond simple speculation.

BONK was trading at $0.00001909 at the time of writing, down 4.2% in the last 24 hours amid broader weakness in the cryptocurrency market, according to CoinGecko. Retail sentiment on BONK remained in the ‘neutral’ territory compared to a day ago, with message volumes at ‘normal’ levels, according to data from Stocktwits.

Safety Shot stated that this rebranding marks the completion of the company's strategic pivot, aligning fully with the multi-billion-dollar BONK ecosystem. It added that this transformation was a part of the acquisition of a recurring revenue-sharing interest in the memecoin launchpad, letsBONK.fun, and the subsequent building of a treasury of BONK tokens.

Retail sentiment on Safety Shot remained unchanged in the ‘extremely bullish’ territory compared to a day ago, with message volumes at ‘extremely high’ levels, according to data from Stocktwits.

On Tuesday, Safety Shot said that its subsidiary, BONK Holdings LLC, had increased its holdings to over 2.7% of the total circulating supply of BONK. The company also announced a new target to acquire 5% of BONK’s circulating supply by the end of 2025.

Safety Shot said it was opportunistically taking advantage of the recent sell-off in the broader cryptocurrency markets to accumulate BONK at what it believes to be a significant discount.

Shares of Safety Shot have declined nearly 47% this year and lost 70% of its value in the last 12 months.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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