QMMM Holdings skyrocket 1700% following plans to hold Bitcoin, Ethereum and Solana in crypto treasury

Hong Kong-based technology service company QMMM Holdings (QMMM) announced plans to establish a digital asset treasury focused on Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), with an initial investment of up to $100 million.

QMMM plans to hold Bitcoin, Ethereum and Solana as part of digital asset treasury

Nasdaq-listed QMMM Holdings plans to join the growing number of companies establishing a digital asset treasury. The company announced plans to establish a crypto treasury targeting Bitcoin, Ethereum, and Solana, with an initial investment of up to $100 million, according to a statement on Tuesday.

QMMM noted that it is combining artificial intelligence with blockchain to advance innovative tools for cryptocurrency analysis and build a self-sustaining digital ecosystem, according to the 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," said Bun Kwai, CEO of QMMM.

The technology service company added that it seeks to connect data providers with consumers through a blockchain-based, decentralized marketplace, while leveraging AI-powered analytics to process large datasets and help traders make more informed investment decisions.

It also claims the ecosystem will support automated agents that respond to user complaints, manage DAO treasuries, identify vulnerabilities in smart contracts and support code development.

"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," Kwai added.

QMMM shares skyrocketed over 1,700% to $207 before the close of trading on Tuesday, but have declined over 60% in after-market hours.

The move comes amid a growing wave of companies adopting crypto across Asia. Sora Ventures revealed the launch of what it termed Asia's first-ever Bitcoin treasury fund on Friday, with early investment of $200 million. The company stated that it plans to purchase $1 billion worth of BTC within six months.

Likewise, Japanese-based Bitcoin treasury Metaplanet seeks to issue 385 million new shares to expand its BTC holdings through an international offering outside Japan. The firm aims to raise an estimated 212.9 billion yen, equivalent to $1.44 billion, in its latest equity offering. Metaplanet acquired 136 BTC on Monday, boosting total holdings to 20,136 BTC.