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QMMM Stock Explodes 1,736% After US$100M Digital Assets Bet
- QMMM announced a US$100m (AU$153.2m) crypto treasury, sending shares up 2,300% before closing at US$207 (AU$317.1).
- Gains cooled in after-hours trading, with shares down nearly 25% to US$156.31 (AU$239.40).
- CEO Bun Kwai highlighted fast-growing blockchain adoption as the driver of QMMM’s digital asset strategy.
Hong Kong-based investment company QMMM Holdings’ shares erupted on Tuesday following the announcement of a large-scale digital assets strategy. The firm revealed it would launch a US$100 million (AU$153.2 million) treasury featuring Bitcoin, Ethereum, and Solana, a move that sent shares up more than 2,300% during intraday trading.
The Nasdaq-listed stock ended the session at US$207 (AU$317.1), representing a 1,736% surge from the day’s open. After its remarkable rally, QMMM stock slipped nearly 25% in after-hours trade to US$156.31 (AU$239.4).
Bun Kwai, QMMM CEO, said the rapid global embrace of blockchain and digital assets is pushing the firm to embrace innovation. He explained that QMMM’s strategy demonstrates its ambition to merge the digital economy with real-world applications.
Despite the headline announcement, questions remain over financing. The company’s latest SEC filing, dated January, revealed it had just US$497,993 (AU$762,910) in cash at the end of September 2024 and posted a loss of US$1.58 million (AU$2.42 million) for the fiscal year. No details have been provided on how the US$100 million (AU$153.2 million) initiative will be supported.
Related: Google Cloud Unveils ‘Universal Ledger’ Blockchain for Financial Institutions
A Long-Term Growth Strategy
QMMM stressed that the new treasury is only the starting point. It intends to target cryptocurrencies with strong growth prospects, invest in Web3 infrastructure, and pursue premium equity opportunities in line with its strategic goals.
The company also plans to integrate artificial intelligence with blockchain to create tools that support investor decision-making, manage DAO treasuries, and enhance metaverse platforms.
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.
Bun Kwai, QMMM CEO Related: Animoca and Ibex Japan Launch Web3 Fund to Bring Anime and Manga IP Onchain
Author
Rachel Lourdesamy
Rachel is a freelance writer based in Sydney with experience within financial services, marketing, and corporate communications in the APAC region. An avid reader and a graduate of the University of Sydney, she covers topics including business, finance and human interest.
