Shares of QMMM Holdings (QMMM) surged more than 300% in afternoon trading on Tuesday after the company announced plans to establish a diversified cryptocurrency treasury strategy focused on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
One retail trader forecast that QMMM’s gains would surpass even Caliber’s (CWD) jump today after the company announced it had completed its first ever purchase of Chainlink (LINK) tokens. CWD stock rose as much as 2000% in intraday trade. At the time of writing, it had pared most of the those gains, but remained up 420% from the open.
Meanwhile, Bitcoin’s price was down 1.2% in last 24 hours, trading at around $111,000. On Stockwits, retail sentiment around the apex cryptocurrency dipping lower within ‘bearish’ territory over the past day. Ethereum’s price dipped 1.1%, with retail sentiment worse off in the ‘extremely bearish’ territory over the past day. Solana’s price traded flat, but retail sentiment dipped to ‘bearish’ from the ‘neutral’ zone.
The Hong Kong-based company stated that the treasury, which will initially scale to $100 million, is designed to provide “a foundation for both stability and transparency.” According to the announcement, allocations will prioritize high-quality cryptocurrency assets with long-term growth potential, as well as Web3 infrastructure projects and select premium global equities aligned with QMMM’s “strategic vision.”
QMMM describes itself as a digital media advertising and virtual apparel technology services company. It said the “expansion” into crypto would integrate its traditional AI business with blockchain technology to create a “next-generation cryptocurrency analytics and crypto-autonomous ecosystem.”
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