Shares in digital advertising firm QMMM Holdings (QMMM) skyrocketed more than 2,300% at one point on Tuesday after the firm announced that it would create a $100 million digital assets treasury starting with Bitcoin, Ethereum, and Solana.
QMMM, which trades on the Nasdaq, closed the day changing hands at $207—a 1,736% increase since the day’s opening bell.
“The global adoption of digital assets and blockchain technology is accelerating at an unprecedented pace,” said company CEO Bun Kwai in a statement.
“QMMM’s entry into this space reflects our commitment to technological innovation and our vision to bridge the digital economy with real-world applications.”
According to QMMM’s announcement, the firm anticipates its treasury will initially start at $100 million—though there is no mention of how the firm will fund the effort. An SEC filing on the firm’s website from January indicates it only had $497,993 in cash and cash equivalents at the end of its last fiscal year on September 30, 2024. It registered a net loss of $1,580,198 over the same period.
Beyond the treasury, which the firm says will only serve as a foundation for its investment in Web3, it will also seek to invest in “high-quality cryptocurrency assets with long-term growth potential, Web3 ecosystem infrastructure projects, and global premium equity assets aligned with QMMM’s strategic vision.”
A representative for the firm did not immediately respond to Decrypt’s request for clarification on how these additional assets may be chosen nor how it would fund its treasury.
The Hong Kong-based firm also intends to expand its offerings to include blockchain-based and artificial intelligence-powered platforms to help investors make better decisions, manage DAO treasuries, 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 reinforcing our role as a forward-looking technology company,” said Kwai.
The stock has since retraced nearly 25% in after-hours trading to $156.31.
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