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QMMM Holdings, a Hong Kong-based digital media advertising firm, reported a staggering 1,736% increase in its stock price shortly after announcing plans to establish a $100 million cryptocurrency treasury.
According to Yahoo Finance data, QMMM shares soared 2,300% on Tuesday before closing 1,736% higher at $207 on the Nasdaq.
However, the stock declined during extended trading hours, with shares down 61% at the time of publication. Despite this pullback, the shares have recorded an 8,147% increase over the past month.
QMMM Launches ‘Crypto-Autonomous Ecosystem’ – Plans $100M Digital Asset Treasury
On Tuesday, QMMM announced the creation of a substantial $100 million cryptocurrency treasury focused on Bitcoin, Ethereum, and Solana.
Describing the initiative as a “crypto-autonomous ecosystem,” the company, which is also known for its virtual apparel services, stated it would combine artificial intelligence with blockchain technology to develop innovative tools for cryptocurrency analysis.
“QMMM’s entry into this space reflects our commitment to technological innovation and our vision to bridge the digital economy with real-world applications,” said Bun Kwai, CEO of QMMM.
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Additionally, the firm aims to connect data providers with consumers through a blockchain-based, decentralized marketplace. It also plans to leverage AI-powered analytics to process “large volumes of data.”
“Our cryptocurrency initiatives, combined with our expertise in AI and digital platforms, are designed to create sustainable value for our stakeholders while reinforcing our role as a forward-looking technology company,” Kwai added.
Growing Wave of Asian Players Adopting Crypto
QMMM’s entry into the crypto treasury space coincides with a growing trend of Asia-based companies looking to add the asset class to their reserves.
As reported by Cryptonews last week, venture capital firm Sora Ventures announced the launch of its dedicated Bitcoin treasury fund, backed by an initial $200 million commitment from Asian investors. The fund aims to accumulate $1 billion worth of BTC within the next six months.
Meanwhile, Japanese Bitcoin accumulator Metaplanet is seeking to issue 385 million new shares through an overseas offering to fund additional BTC purchases.
The sixth-largest corporate Bitcoin investor aims to raise ¥212.9 billion ($1.44 billion) in its latest equity offering.
The post Hong Kong-Based QMMM Stock Surges Over 1,700% Following BTC, ETH, and SOL Treasury Plans appeared first on Cryptonews.
