QMMM Holdings, a Hong Kong-based digital media advertising firm, has reported a staggering 1,736% increase in stock soon after it announced plans to build a $100 million crypto treasury.
Per Yahoo Finance data, QMMM shares soared 2,300% on Tuesday before closing 1,736% higher at $207 on Nasdaq.
However, the stock fell in extended trading, and the shares are down 61% at the time of publication. The shares have reported an 8,147% increase in the past month.
QMMM Launches ‘Crypto-Autonomous Ecosystem’ – Plans $100M Digital Asset Treasury
QMMM, on Tuesday, announced that it is building a massive $100 million crypto treasury targeting Bitcoin, Ethereum, and Solana.
Calling it a “crypto-autonomous ecosystem,” the company, also known for its virtual apparel services, said it would combine artificial intelligence with blockchain to advance innovative tools for crypto 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.
Further, the firm is seeking to connect data providers with consumers through a blockchain-based, decentralized marketplace. Meanwhile, it 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 crypto treasury debut comes amid a growing number of Asia-based companies eyeing to include the asset class in their stash.
As reported by Cryptonews last week, VC firm Sora Ventures revealed the launch of its dedicated Bitcoin treasury fund, backed by an initial $200 million commitment from Asian investors. It aims to accumulate $1 billion worth of BTC within the next six months.
Besides, Japanese Bitcoin aggressive accumulator Metaplanet is seeking to issue 385 million new shares through an overseas offering for additional BTC purchases.
The 6th largest Bitcoin corporate investor aims to raise ¥212.9 billion ($1.44 billion) in its latest equity offering.
The post Hong Kong-Based QMMM Stock Skyrockets Over 1,700% Following its BTC, ETH, SOL Treasury Plans appeared first on Cryptonews.
