Briefly
Shares in digital promoting agency QMMM Holdings jumped almost 1,750% after asserting a digital belongings treasury plan.
The agency anticipates beginning with $100 million fund centered on Bitcoin, Ethereum, and Solana.
It’ll additionally search out investments with Web3 infrastructure initiatives and “high-quality cryptocurrency belongings.”
Shares in digital promoting agency QMMM Holdings (QMMM) skyrocketed greater than 2,300% at one level on Tuesday after the agency introduced that it could create a $100 million digital belongings treasury beginning with Bitcoin, Ethereum, and Solana.
QMMM, which trades on the Nasdaq, closed the day altering fingers at $207—a 1,736% enhance because the day’s opening bell.
“The worldwide adoption of digital belongings and blockchain expertise is accelerating at an unprecedented tempo,” mentioned firm CEO Bun Kwai in an announcement.
“QMMM’s entry into this area displays our dedication to technological innovation and our imaginative and prescient to bridge the digital economic system with real-world functions.”
In keeping with QMMM’s announcement, the agency anticipates its treasury will initially begin at $100 million—although there isn’t a point out of how the agency will fund the trouble. An SEC submitting on the agency’s web site from January signifies it solely had $497,993 in money and money equivalents on the finish of its final fiscal 12 months on September 30, 2024. It registered a internet lack of $1,580,198 over the identical interval.
Past the treasury, which the agency says will solely function a basis for its funding in Web3, it is going to additionally search to spend money on “high-quality cryptocurrency belongings with long-term progress potential, Web3 ecosystem infrastructure initiatives, and world premium fairness belongings aligned with QMMM’s strategic imaginative and prescient.”
A consultant for the agency didn’t instantly reply to Decrypt’s request for clarification on how these extra belongings could also be chosen nor how it could fund its treasury.
The Hong Kong-based agency additionally intends to increase its choices to incorporate blockchain-based and synthetic intelligence-powered platforms to assist buyers make higher selections, handle DAO treasuries, enhance metaverse experiences, and extra.
“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 expertise firm,” mentioned Kwai.
The inventory has since retraced almost 25% in after-hours buying and selling to $156.31.
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