Nasdaq-listed QMMM surges 800% on crypto treasury plan targeting Bitcoin, Ethereum, and Solana

Quick Take

Along with building a decentralized data marketplace, QMMM plans a crypto treasury expected to reach an initial scale of $100 million.
At publication time, QMMM’s stock was trading higher by 850% to $107 per share.

Shares of Nasdaq-listed QMMM Holdings (ticker QMMM) are up more than 700% in Tuesday's session after the company announced an expansion into crypto analytics as well as plans for a digital asset treasury, or DAT.

Hong Kong-based QMMM is a digital media advertising and virtual technology services firm and seeks to integrate artificial intelligence and blockchain technology "to create next-generation cryptocurrency analytics and a crypto-autonomous ecosystem," according to a press release.

QMMM is building a decentralized data marketplace that connects providers and consumers, using blockchain and AI-driven analytics to help traders, the release said. Its ecosystem will also feature automated agents that handle tasks like DAO treasury management, metaverse support, smart contract security, and code development.

Along with this initiative, QMMM plans to establish a crypto treasury initially targeting Bitcoin, Ethereum, and Solana, which is expected to reach an initial scale of $100 million.

“The global adoption of digital assets and blockchain technology is accelerating at an unprecedented pace," CEO Bun Kwai stated in the release. "Through responsible development, regulatory compliance, and strategic ecosystem partnerships, we aim to position QMMM at the forefront of the Web3 transformation."

The rise of corporate DATs has accelerated this year, and the value of the stacked crypto holdings of these companies sits at around $120 billion, according to The Block's data dashboard.

Companies that have a smaller accumulation strategy relative to their market caps, like Tesla and Coinbase, are not included.

At publication time, QMMM's stock was trading higher by 850% to $107 per share. The company went public in June 2024, raising $8.6 million by selling 2.15 million ordinary shares. It has a market cap of $5 billion.

This is the second time this week a U.S. stock has surged higher on massive volume. In Monday's session, shares of Eightco rose more than 3,000% after announcing plans for a World token digital asset treasury with a $250 million private placement.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.