On a crypto treasury wager including Bitcoin, Ethereum, and Solana, QMMM’s stock surged 1736%, but it cooled off after hours.
QMMM Holdings Ltd. (QMMM) shares plunged in Tuesday’s after-hours trading, but not before a stunning rally during the regular trading session.
QMMM Erupts After Crypto Expansion Announcement
The gains from the earlier rise, which saw the stock reach as high as $303 at one point, were reversed when it fell by almost 60%, resulting in an astounding gain of 2588.55%. QMMM Holdings was valued at $11.84 billion at the end of Tuesday.
Targeting Bitcoin (BTC/USD), Ethereum (ETH/USD), and Solana (SOL/USD), the Hong Kong-based digital media and virtual clothing company announced plans to create a cryptocurrency treasury with an initial amount of $100 million.
QMMM Holdings also outlined plans for a “crypto-autonomous ecosystem,” which would combine artificial intelligence and blockchain technologie
The Unrelenting Wave Of Crypto Treasury
The introduction of QMMM is the most recent in a series of comparable actions by obscure businesses to add digital assets to balance sheets in order to profit from their volatility.
This strategy was made popular by Michael Saylor’s Bitcoin (BTC/USD) holding company Strategy Inc. (MSTR), and it has subsequently extended to the majority of the leading cryptocurrencies.
Price Action: According to Benzinga Pro statistics, QMMM shares closed 1736.73% higher at $207 during the regular trading session before plunging 59.23% in after-hours trading. The stock is up 16,071.88% so far this year.
The stock has a very high Momentum score at the time of publishing. To find out how it stacks up against Strategy, the business with the biggest bitcoin treasury, visit Benzinga Edge Stock Rankings.
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