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QMMM Holdings Ltd. (NASDAQ:QMMM) shares plunged in Tuesday's after-hours trading, but not before a stunning rally during the regular trading session.
QMMM is testing upper boundaries. Stay ahead of the curve here.
The stock fell nearly 60%, reversing the gains from the earlier rally, which brought it as high as $303 at one time, marking an eye-popping gain of 2588.55%. At Tuesday's close, QMMM Holdings was valued at $11.84 billion.
The Hong Kong-based digital media and virtual apparel company announced plans to establish a cryptocurrency treasury with an initial size of $100 million, targeting Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL).
QMMM Holdings also outlined plans for a “crypto-autonomous ecosystem,” which would combine artificial intelligence and blockchain technologies.
See Also: Bitcoin To Hit $135,000 By Year-End, Says Katie Stockton, But Don’t Mistake It For Gold
QMMM’s arrival is the latest in a line of similar initiatives taken by under-the-radar companies to capitalize on the volatility of digital assets by adding them to balance sheets.
Michael Saylor’s Bitcoin (CRYPTO: BTC) holding company Strategy Inc. (NASDAQ:MSTR) popularized this approach, which has since spread to most top cryptocurrencies.
Price Action: QMMM shares plummeted 59.23% in after-hours trading after closing 1736.73% higher at $207 during the regular trading session, according to data from Benzinga Pro. Year-to-date, the stock is up by 16,071.88%.
As of this writing, the stock exhibited a very high Momentum score. Visit Benzinga Edge Stock Rankings to see how it compares with Strategy, the company with the largest cryptocurrency treasury.
Photo Courtesy: Bukhta Yurii On Shutterstock.com
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