Qualigen Therapeutics, Inc. (QLGN): Business Model Canvas [Dec-2025 Updated]

You're looking at one of the most dramatic strategic shifts in the public markets right now, as Qualigen Therapeutics, Inc. has completely ditched its legacy biotech path for a full-throttle dive into Web3 and AI, a move cemented by a fresh $41 million PIPE financing secured in September 2025. This isn't just a name change to AIxCrypto Holdings, Inc. (AIXC); the new business model, driven by majority owner Faraday Future, centers on managing a digital asset treasury and launching the BesTrade DeAI Agent platform, supported by a $12 million allocation to its C10 Digital Asset Treasury as of October 2025. Honestly, understanding how this new structure-from its proprietary DeAI algorithms to its token issuance plans-will translate into revenue streams is key to assessing the risk and reward of this pivot. Dive into the full Business Model Canvas below to see the nine blocks defining this aggressive transformation.

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Qualigen Therapeutics, Inc. (QLGN) established, particularly around the massive strategic shift announced in late 2025. These aren't just vendor agreements; you're seeing a change in control and a pivot into a completely new sector.

The most significant partnership is the Private Investment in Public Equity (PIPE) financing that closed around September 30, 2025, which effectively re-architected the company's ownership and strategy.

Faraday Future (FF) as 55% majority owner and strategic investor

Faraday Future Intelligent Electric Inc. (FF) led the financing, securing a controlling interest. This move positions FF to guide the new Web3 and crypto focus, which is expected to result in a rebrand to CXC10.

Here's the quick math on the control structure post-closing:

FF's President, Jerry Wang, was appointed Co-CEO at Qualigen Therapeutics, Inc. The agreement also grants FF participation rights in QLGN's future financing rounds.

SIGN Foundation and other institutional investors for $41 million PIPE financing

The total capital infusion was $41 million. This funding is earmarked to establish the new crypto venture while maintaining existing operations.

• SIGN Foundation, noted as a blockchain technology company backed by Binance Labs, participated.
• Other named institutional investors included Sequoia Capital (US, India, China), IDG, and Circle.
• The financing closed after QLGN obtained majority shareholder support via a voting support agreement.

BitGo for regulated cold custody and OTC execution

To support the new digital asset strategy, Qualigen Therapeutics, Inc. partnered with BitGo to manage a significant portion of its treasury.

• The partnership supports a $30 million multi-asset allocation into the C10 treasury strategy.
• The C10 basket comprises a market-capitalization-weighted selection of the top 10 cryptocurrency assets, specifically excluding stablecoins.
• BitGo provides institutional-grade services, including execution via its over-the-counter (OTC) desk.
• Assets will be safeguarded in BitGo's secure, regulated cold storage.

University College London (UCL) for legacy therapeutic platform licensing

The company, prior to the pivot, focused on developing oncology and immunology therapeutics. The search results do not contain specific financial or statistical data regarding the terms or value of any licensing agreement with University College London (UCL) for the legacy therapeutic platform.

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Key Activities

You're looking at the core operational focus for the entity formerly known as Qualigen Therapeutics, Inc., now firmly pivoting into the AI and Web3 space as AIxCrypto Holdings, Inc. (AIXC). The key activities are all about executing this transformation, which is heavily financed by recent capital raises. Honestly, the shift is dramatic, moving from oncology therapies to digital asset management and AI agents.

Managing the C10 Digital Asset Treasury (DAT)

This is the first engine of the new Crypto Flywheel, establishing the C10 Treasury as the core reserve asset of the Web3 ecosystem. The activity centers on allocating and securing a basket of top-tier digital assets. As of October 17, 2025, the C10 Treasury had completed $12 million in crypto asset allocations. This was immediately followed by a partnership with BitGo, announced October 23, 2025, to manage a $30 million multi-asset allocation into the C10 basket, which is a market capitalization-weighted selection of the world's top 10 cryptocurrencies, excluding stablecoins. The ultimate goal set for the end of 2025 is to grow the C10 Treasury to $50 million in Assets Under Management (AUM). This treasury build-out is funded by the successful closing of a $41 million Private Investment in Public Equity (PIPE) financing in late September 2025, where Faraday Future Intelligent Electric Inc. (FFAI) invested $30 million.

Here's a quick look at the DAT targets versus progress:

The activity involves leveraging BitGo's institutional-grade custody, including secure cold storage, and their Over-The-Counter (OTC) desk for efficient investment across the 10 digital assets.

Developing and launching the BesTrade DeAI Agent platform

This platform is positioned as the second engine of the Crypto Flywheel, acting as the flagship product. The key activity here is the final development and deployment phase. The company planned the public beta launch of the BesTrade DeAI Agent by the end of November 2025. This agent is designed to function as a Meta Exchange, intelligently connecting users to value by optimizing transaction pathways and returns. Following the beta release, the activity shifts to accelerating global user growth, positioning BesTrade as a top-tier AI trading platform.

Issuing and promoting Crypto Ecosystem Tokens and EAI RWA tokens

This represents the third engine of the new business model, aiming to build a sustainable on-chain value growth system. Key activities involve the documentation and eventual listing of new tokens. Specifically, AIxCrypto Holdings, Inc. (AIXC) planned the release of its EAI RWA Utility Token Whitepaper by the end of November 2025. This ties into the development of EAI + Crypto Dual-Bridge RWA (Real World Asset) products, which bridge traditional assets with Web3. The overall goal includes listing crypto ecosystem tokens supported by a potential C10 stablecoin and these RWA bridge products.

The core actions for this segment include:

• Finalizing the EAI RWA Utility Token Whitepaper.
• Developing the C10 stablecoin infrastructure.
• Creating the EAI + Crypto Dual-Bridge RWA product.
• Preparing for the listing of ecosystem tokens on exchanges.

Executing the corporate rebrand to AIxCrypto Holdings, Inc. (AIXC)

This is a fundamental, one-time key activity that underpins the entire strategic shift. Stockholders of Qualigen Therapeutics, Inc. (QLGN) approved all proposals, including the name change, at a meeting on November 12, 2025. The company officially adopted the new corporate name, AIxCrypto Holdings, Inc. (AIXC), and began trading under the new ticker symbol AIXC on the Nasdaq Capital Market on November 20, 2025. This execution activity also involved a governance overhaul, as Faraday Future Intelligent Electric Inc. (FFAI) is expected to become the majority controlling shareholder with an estimated 55% direct equity ownership (approximately 63% including affiliates) and will nominate a majority of the board before November 20. The company also approved the issuance of 337,432 common shares and 39,943 shares of Series B Convertible Preferred Stock as part of the financing structure enabling this transformation.

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Key Resources

You're looking at the core assets Qualigen Therapeutics, Inc. (QLGN) is banking on as it pivots hard into the Web3 and crypto space, rebranding soon to CXC10 (and later potentially AIxCrypto Holdings, Inc. (Nasdaq: AIXC)). The most immediate and tangible resource is the capital infusion that fuels this transformation. You saw the announcement in late September 2025: the company successfully closed a private investment in public equity (PIPE) financing totaling $41 million. This wasn't just a small cash injection; it fundamentally shifted the ownership structure, with Faraday Future Intelligent Electric Inc. (FFAI) investing $30 million to secure approximately 55% of the pro forma beneficial ownership. That level of control by a major investor is a resource in itself, providing strategic support and leadership for the new direction. Honestly, that financing was the lifeline needed to execute this bold strategy.

Here's a quick look at the key structural and financial resources that underpin the new Qualigen Therapeutics, Inc. model as of late 2025:

A major component of the new strategy is the C10 Digital Asset Treasury, which is designed to accumulate and compound a market-cap-weighted basket of the world's top 10 crypto assets, excluding stablecoins. Following the financing, Qualigen Therapeutics announced a partnership with BitGo to support this treasury strategy, which included an initial multi-asset allocation of $30 million across the 10 digital assets. This move signals a commitment to building a digital-first corporate treasury, leveraging secure, regulated cold storage custody. The treasury strategy itself is a key resource, built around a Systematic SMART Investment Framework that allocates 80% passively to the C10 Index and includes active hedging strategies.

The intellectual property driving the trading component of the business is another critical resource. This centers on the DeAI Agent, specifically named BesTrade. This is an AI-powered crypto trading agent, designed to act as the nexus between users and value discovery in the crypto markets. The firm is positioning this proprietary technology as a core growth engine, bridging AI and crypto. The development and deployment of this technology are essential for the planned RWA (Real World Asset) products and the overall CXC10 ecosystem.

Finally, the structure as a publicly-traded entity on the Nasdaq is a foundational resource, though one that required recent shoring up. Qualigen Therapeutics, Inc. maintains its public company status, which is vital for raising capital via mechanisms like the recent PIPE. You should note that the company recently navigated compliance issues, having been notified of non-compliance with the $2.5 million stockholders' equity requirement in July 2025, which was addressed by closing a $4.5 million private placement of Series A-3 Preferred Stock to regain compliance. The company is actively planning a rebrand, with stockholder approval in November 2025 paving the way to transition to AIxCrypto Holdings, Inc. (Nasdaq: AIXC), marking a formal structural commitment to its new focus.

• Nasdaq listing status (NASDAQ: QLGN) provides public market access.
• Proprietary DeAI Agent (BesTrade) for crypto trading execution.
• Partnership with BitGo for secure, qualified custody of digital assets.
• The C10 Index and potential C10 ETF structure development.
• Strong backing from Faraday Future, holding approximately 55% ownership.

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Value Propositions

Secured and diversified digital asset treasury management

You're looking at a corporate treasury actively shifting its composition into digital assets, aiming for significant scale by year-end 2025. The stated goal is to expand the C10 Treasury to $50 Million AUM by the end of 2025. As of October 17, the C10 Treasury had already completed $12 million in crypto asset allocations. This was formalized with a strategic partnership announced on October 23, 2025, with BitGo to execute a $30 million market-cap-weighted C10 treasury allocation, which specifically comprises the world's top 10 crypto assets, excluding stablecoins. This allocation follows an 80/20 passive/active split strategy. The infrastructure supporting this includes established USD settlement, bank accounts, and regulated cold custody via BitGo. This move signals a commitment to financial resilience through digital asset diversification.

AI-optimized trading via the BesTrade DeAI Agent

The BesTrade DeAI Agent is positioned as the flagship product and the second engine of the Crypto Flywheel. This agent functions as a Meta Exchange, designed to intelligently connect users and value by optimizing transaction pathways and returns. You can expect the public beta version of the BesTrade DeAI Agent to launch by the end of November 2025, followed immediately by a global user growth campaign. This positions the product to become a top-tier AI trading platform.

Bridging the gap between Web2 capital markets and the Web3 ecosystem

The overall corporate vision, following the planned rebrand to AIxCrypto, is to become a leading U.S. public company converging Web2 and Web3, alongside AI and crypto. This bridging capability is supported by planned product development. The value proposition includes support from potential products like a C10 stablecoin and EAI + Crypto RWA dual-bridge products. These elements aim to build a sustainable on-chain value growth system, serving as the third engine of the Crypto Flywheel.

Potential for high-growth exposure to AI and crypto sectors

The entire strategy is structured around three core growth engines designed to maximize on-chain value growth. This structure is being capitalized by significant external funding. The company secured a transformative investment of $41 million in September 2025, with Faraday Future Intelligent Electric Inc. contributing approximately $30 million of that amount. This capital is earmarked to establish the new cryptocurrency treasury operations and advance the Web3 initiatives.

• C10 Treasury and C10 Index: Serving as the core reserve asset and the first engine.
• BesTrade DeAI Agent: Positioned as the nexus of users and value, the second engine.
• Ecosystem Tokens: The carrier of value maximization, the third engine.

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Customer Relationships

You're looking at the relationship structure for AIxCrypto Holdings, Inc., formerly Qualigen Therapeutics, Inc. (QLGN), following its major strategic pivot and rebranding in late 2025. This is a shift from a traditional biotech focus to an AI and Web3 platform, which fundamentally changes how the company interacts with its key customer/stakeholder groups.

Institutional relationship management with major investors like Faraday Future

The relationship with Faraday Future (FF) is now the dominant institutional anchor, moving from a simple investor to a controlling shareholder. This relationship dictates board composition and strategic direction.

• Faraday Future is the expected majority controlling shareholder with an estimated direct equity ownership of 55% (approximately 63% including affiliates).
• FF's initial investment via the PIPE was $30 million, securing this majority stake.
• FF has the right to nominate a majority of the board, with potential for four of seven seats upon full approval.
• FF Founder & Global Co-CEO YT Jia personally invested $4 million for about 7% ownership, subject to a two-year lockup.
• The company's cash position was bolstered to $38.8 million as of Q3 2025, following the $41 million investment from FF and others.

The nature of this relationship is one of active control and governance integration, far beyond standard passive investment management.

Automated, platform-driven service for BesTrade DeAI Agent users

For the new flagship product, the BesTrade DeAI Agent, the relationship model is designed to be largely automated and platform-driven, acting as a Meta Exchange.

The company plans to launch the public beta of the BesTrade DeAI Agent by the end of November 2025. The relationship is built around the agent intelligently optimizing transaction pathways for users.

If onboarding for the BesTrade DeAI Agent takes longer than expected past the end of November, churn risk rises defintely.

Direct communication with the Web3 community for token adoption

Direct communication focuses on establishing the new crypto ecosystem and driving adoption of its treasury and token products.

• The company aims to expand the C10 Treasury to $50 Million in Assets Under Management (AUM) by the end of 2025.
• As of October 17, 2025, the C10 Treasury had completed $12 million in crypto asset allocations.
• Communication includes releasing the EAI RWA Utility Token Whitepaper.
• The strategy involves building a sustainable on-chain value growth system via C10 stablecoin and EAI + Crypto RWA dual-bridge products.

Investor relations for a publicly traded company (QLGN/AIXC)

Investor relations is managing the transition from a biotech focus to the AIxCrypto identity, which involved significant corporate actions in late 2025.

The stockholder meeting on November 12, 2025, saw approximately 60.17% of voting stock represented. Key approvals included the issuance of 337,432 common shares and 39,943 Series B convertible preferred shares. The company officially rebranded to AIxCrypto Holdings, Inc. and began trading as AIXC on November 20, 2025.

Key financial metrics relevant to investor confidence in Q3 2025 include a net loss of $2.0 million, compared to a net loss of $1.8 million in Q3 2024, with zero revenue reported. The company also announced a partnership with BitGo to manage a $30 million market-cap-weighted C10 crypto treasury allocation.

Finance: draft 13-week cash view by Friday.

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Channels

Qualigen Therapeutics, Inc. uses several distinct channels to communicate with the financial market and execute strategic treasury operations as of late 2025.

For corporate filings and press releases, the company's engagement with the SEC and Nasdaq provides concrete data points regarding its compliance efforts and capital structure changes.

The channel involving institutional asset execution is formalized through a partnership with BitGo.

BitGo's institutional OTC desk for large-scale asset execution:

• Qualigen Therapeutics, Inc. committed $30 million to a market-cap-weighted C10 crypto basket on October 23, 2025.
• BitGo provides OTC execution and access to deep liquidity for this allocation.

Regarding the BesTrade DeAI Agent platform for user access to trading tools, no specific financial or statistical data is available.

Regarding leading global crypto exchanges for token listings and liquidity, no specific financial or statistical data is available.

Corporate filings and press releases to the financial market also involved prior compliance issues:

• Market Capitalization reported as $2.8M on April 1, 2025.
• Institutional Ownership reported as 0.72% as of May 19, 2025.
• Short Percent reported as 2.03% as of May 19, 2025.

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Qualigen Therapeutics, Inc. (QLGN) following its radical transformation into a Web3/crypto-focused enterprise, now planning to rebrand as AIxCrypto Holdings, Inc. (AIXC). Here is the breakdown based on the latest figures from late 2025.

Institutional investors seeking exposure to a managed crypto treasury

This segment is interested in the C10 Digital Asset Treasury, which began with a $30 million multi-asset allocation into the top 10 cryptocurrency assets, excluding stablecoins, secured via BitGo. As of September 18, 2025, the C10 Treasury had completed about $10 million in crypto asset allocations, delivering an unrealized gain of around 7% on that portion. The company ended Q3 2025 with $38.8 million in cash.

The institutional landscape shows 20 institutional owners and shareholders filing 13D/G or 13F forms with the SEC, holding a total of 53,442 shares as of November 18, 2025. The share price on that date was $3.21 / share.

Retail and professional crypto traders using the DeAI Agent

This group targets the planned BesTrade DeAI Agent, which is positioned as a core product to help users find the best trading paths and outcomes. While specific user adoption numbers for the DeAI Agent are pending launch, the general market context suggests a large potential pool. A recent Goldman Sachs report estimated that 38% of US stocks are now held directly by retail investors. Professional traders are a subset of this group, seeking algorithmic efficiency.

Web3 ecosystem participants and token holders

This segment engages with the third growth engine: ecosystem tokens, which covers C10 ecosystem tokens, a potential C10 stablecoin, and an EAI+Crypto Dual-Bridge RWA product. These participants are focused on the value maximization carried by these tokens within the new Web3 ecosystem build-up.

Legacy biotech shareholders navigating the strategic pivot

These are the existing shareholders who have held Qualigen Therapeutics, Inc. through its prior focus on cancer treatments, such as the QN-302 program. These shareholders are now exposed to the new crypto strategy following a $41 million PIPE financing led by Faraday Future (FF), which resulted in FF holding approximately 55% pro forma beneficial ownership. The company reported a net loss of $2.0 million for Q3 2025.

Key Financial and Operational Metrics as of Late 2025:

The shift in focus is clear, moving from a biotech pipeline to a three-pronged crypto/Web3 strategy: C10 Treasury, DeAI Agent, and Ecosystem Tokens.

• Institutional Owners Filing 13D/G or 13F: 20
• Total Institutional Shares Held: 53,442
• Estimated Retail Direct Stock Holding in US Market: 38%

Finance: draft updated 13-week cash view incorporating the $41 million investment by Monday.

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Cost Structure

You're looking at the cost side of the business as Qualigen Therapeutics, Inc. navigates a massive pivot, so the numbers reflect a transition period-some legacy costs are shrinking while new strategic investments are being funded by recent capital raises. Honestly, the cost structure is currently defined by the wind-down of the old and the initial setup for the new Web3/AI venture, which is now operating under the planned name AIxCrypto Holdings, Inc. (NASDAQ: AIXC) as of November 20, 2025.

The legacy biotech operations are clearly showing reduced spending, which is reflected in the R&D figures. For the three months ended March 31, 2025, Research and Development expenses were only $33,167, a sharp drop from the $364,385 reported for the same period in 2024. This reduction aligns with the stated cost control measures seen in earlier reports.

General and administrative (G&A) costs, however, have seen a significant increase, which you'd expect when undergoing major governance and executive changes. For the first quarter of 2025 (ended March 31, 2025), G&A expenses totaled $2,494,532, substantially higher than the $1,057,364 recorded in the first quarter of 2024. This increase covers the costs associated with the strategic shift, including the integration of new leadership like the incoming Co-CEO and CFO following the Faraday Future Intelligent Electric Inc. investment, which resulted in FF becoming the controlling shareholder.

The operating losses from the legacy biotech business are still a factor, though the company is trying to manage them. The Operating Income reported for the first quarter of 2025 was -$1.3 million. This reflects the ongoing burn rate before the full impact of the new strategy is realized, even as the company secured a $41 million PIPE financing in September 2025 to fund the new direction.

Regarding the digital asset custody and transaction fees, specifically for services like BitGo, the data is currently qualitative rather than quantitative. Qualigen Therapeutics, Inc. announced a partnership with BitGo on October 23, 2025, to execute its First Multi-Asset C10 Treasury Allocation. This indicates that transaction and custody fees are a new and emerging cost component tied to the C10 Digital Asset Treasury and RWA & Ecosystem Tokens business engine, but specific dollar amounts for these fees for late 2025 are not yet publicly itemized in the available statements.

Here's a quick look at the key expense line items from the Q1 2025 filing:

The costs associated with the Web3 platform build-out-the DeAI Agent trading platform and the RWA tokenization-are being absorbed by the new capital, rather than being clearly delineated as a separate expense line item in the legacy structure yet. You can infer that the capital infusion is intended to cover these future development costs:

• The $41 million PIPE financing is earmarked to establish the new crypto business adventure.
• The new business will focus on three growth engines: C10 Digital Asset Treasury, DeAI Agent trading platform, and RWA & Ecosystem Tokens.
• The company's cash balances were expected to fund operations only into the third quarter of 2025 before the financing closed, highlighting the critical nature of this capital to sustain new development.

The shift in governance and executive structure is a direct driver of the elevated G&A. The new structure involves Faraday Future nominating a majority of board seats. It's defintely a cost of transition.

Finance: draft 13-week cash view by Friday.

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Qualigen Therapeutics, Inc. (QLGN) as of late 2025, which, honestly, is a story of transition. The company's reported revenue for the third quarter of 2025 was $0. This mirrors the annual revenue for the last reported fiscal year, which was also $0. The near-term focus for generating financial inflow is clearly shifting toward capital events and the new digital asset strategy.

Appreciation and compounding gains from the C10 Digital Asset Treasury

The C10 Digital Asset Treasury is a core component of the new strategy, aiming to accumulate and compound a market-cap-weighted basket of the world's top 10 crypto assets, excluding stablecoins. As of September 2025, the C10 Treasury had completed about $10 million in crypto asset allocations. A subsequent mention indicated a $30 million multi-asset allocation in partnership with BitGo. The allocation strategy is set at 80% passive tracking the C10 Index and 20% active selection with quantitative analysis and planned hedging. As of October 18, 2025, the C10 Treasury delivered an unrealized gain of around 7%, outperforming the C10 index overall. This unrealized gain represents potential future revenue or balance sheet appreciation, not realized operating revenue.

Trading fees and commissions generated by the BesTrade DeAI Agent

The BesTrade DeAI Agent is positioned as an AI-powered crypto trading agent designed to help market participants find the best paths and outcomes. While this product is a planned growth engine, the search results do not provide specific, realized financial figures for trading fees or commissions generated by the BesTrade DeAI Agent as of late 2025. The focus seems to be on establishing the infrastructure for this engine.

Potential revenue from the issuance and utility of Crypto Ecosystem Tokens

This third growth engine includes potential products like the C10 Stablecoin and the EAI + Crypto Dual-Bridge RWA (Real World Asset) product. These tokens and products are intended to be the carrier of value maximization within the ecosystem. However, concrete, realized revenue figures from the issuance or utility of these Crypto Ecosystem Tokens are not available in the latest reports.

Future capital raises, such as the $4.5 million private placement in July 2025

Capital raises are a significant source of current funding, supporting operations and the new crypto venture. The company closed a $4.5 million private placement of Series A-3 Preferred Stock on July 28, 2025, issuing 4,500 shares at $1,000 per share. This raise helped the company regain compliance with Nasdaq's minimum stockholders' equity requirement of $2.5 million. More significantly, in September 2025, Qualigen Therapeutics secured a $41 million PIPE financing led by Faraday Future. This larger investment is intended to fund the majority of the new crypto business adventure.

Here's a quick look at the key funding and treasury allocation numbers we have:

The shift in focus is clear, and the immediate financial support comes from equity financing, not product sales yet. You should keep an eye on the following operational milestones that will translate these investments into revenue:

• Establishment of the C10 Digital Asset Treasury infrastructure with BitGo.
• Progress on the BesTrade DeAI Agent as the nexus between users and value.
• Filing of the registration statement for the underlying common shares from the July placement within 45 days of the July 28, 2025 closing date.
• The company's plan to maintain Nasdaq compliance over the next 12 months.

The Series A-3 Preferred Stock from July 2025 is initially convertible into an aggregate of 1,607,143 shares of common stock at a conversion price of $2.80 per share.

Finance: draft 13-week cash view by Friday.