In short
- Shares in digital advertising company QMMM Holdings rose nearly 1,750% after announcing a digital assets -treasury plan.
- The company expects to start with a $ 100 million fund focused on Bitcoin, Ethereum and Solana.
- It will also look for investments with web3 infrastructure projects and “high-quality cryptocurrency assets.”
Shares in digital advertising company QMMM Holdings (QMMM) shot more than 2,300% on Tuesday at one point after the company had announced that it would create a digital assets of $ 100 million that started with Bitcoin, Ethereum and Solana.
QMMM, who acts on the Nasdaq, closed the day to change the day for $ 207 – an increase of 1,736% since the opening bell of the day.
“The global acceptance of digital assets and blockchain technology is accelerating at an unprecedented pace,” said CEO of the Bun Kwai company in a statement.
“QMMMs access to this space reflects our dedication to technological innovation and our vision to bridge the digital economy with real applications.”
According to the announcement of QMMM, the company expects his treasury to initially start at $ 100 million – although there is no mention of how the company will finance the effort. A SEC entering the company’s website from January indicates that it only had $ 497,993 in cash and kasequivalents At the end of the last tax year on September 30, 2024. It registered a net loss of $ 1,580.198 in the same period.
In addition to the treasury, the company says that it will only serve as a basis for its investment in Web3, it will also try to invest in “high-quality cryptocurrency activa with long-term growth potential, web3 ecosystem infrastructure projects and worldwide premium-Equity-Activa that are aligned
A representative of the company did not respond immediately Decrypts Request for clarification about how these additional assets can be chosen, nor how it would finance his treasury.
The company established in Hong Kong is also planning to expand its offer with blockchain-based and artificial intelligence-driven platforms to help investors make better decisions, manage DAO-Schatskists, improve metaverse experiences and more.
“Our Cryptocurrency initiatives, combined with our expertise in AI and digital platforms, are designed to create sustainable value for our stakeholders, while we have our role as a Forward -looking technology company, “said Kwai.
Since then, the share has been withdrawn almost 25% in the trade after hours to $ 156.31.
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