Hong Kong-Based QMMM Stock Skyrockets Over 1,700% Following its BTC, ETH, SOL Treasury Plans
QMMM Holdings, a Hong Kong-based digital media promoting agency, has reported a staggering 1,736% enhance in inventory quickly after it introduced plans to construct a $100 million crypto treasury.
Per Yahoo Finance data, QMMM shares soared 2,300% on Tuesday earlier than closing 1,736% increased at $207 on Nasdaq.
However, the inventory fell in prolonged buying and selling, and the shares are down 61% on the time of publication. The shares have reported an 8,147% enhance up to now month.
QMMM Launches ‘Crypto-Autonomous Ecosystem’ – Plans $100M Digital Asset Treasury
QMMM, on Tuesday, introduced that it’s constructing an enormous $100 million crypto treasury focusing on Bitcoin, Ethereum, and Solana.
Calling it a “crypto-autonomous ecosystem,” the corporate, additionally recognized for its digital attire companies, mentioned it will mix synthetic intelligence with blockchain to advance modern instruments for crypto evaluation.
“QMMM’s entry into this house displays our dedication to technological innovation and our imaginative and prescient to bridge the digital financial system with real-world functions, ”mentioned Bun Kwai, CEO of QMMM.
Further, the agency is searching for to attach knowledge suppliers with customers by a blockchain-based, decentralized market. Meanwhile, it plans to leverage AI-powered analytics to course of “massive volumes of information.”
“Our cryptocurrency initiatives, mixed with our experience in AI and digital platforms, are designed to create sustainable worth for our stakeholders whereas reinforcing our function as a forward-looking know-how firm,” Kwai added.
Growing Wave of Asian Players Adopting Crypto
QMMM’s crypto treasury debut comes amid a rising variety of Asia-based corporations eyeing to incorporate the asset class of their stash.
As reported by Cryptonews final week, VC agency Sora Ventures revealed the launch of its devoted Bitcoin treasury fund, backed by an preliminary $200 million dedication from Asian buyers. It goals to build up $1 billion value of BTC throughout the subsequent six months.
Besides, Japanese Bitcoin aggressive accumulator Metaplanet is searching for to issue 385 million new shares by an abroad providing for extra BTC purchases.
The 6th largest Bitcoin company investor goals to boost ¥212.9 billion ($1.44 billion) in its newest fairness providing.
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