Crypto bets send QMMM up 1,700%, Sol Strategies down 42% on Nasdaq

Shares of crypto-linked companies diverged sharply on Tuesday, with Hong Kong’s QMMM Holdings rocketing more than 1,700% after unveiling a blockchain strategy, while Canada’s Sol Strategies tumbled 42% in its Nasdaq debut.

QMMM, a Hong Kong–based investment holding company, Tuesday it will integrate artificial intelligence with blockchain to build a platform combining crypto analytics and a Web3 autonomous ecosystem. The firm also plans to establish a “diversified cryptocurrency treasury” focused on Bitcoin (), Ether () and Solana ().

QMMM’s stock performance shot through the roof after the announcement, rising over 2,100% before closing its Nasdaq trading up 1,737%.

Meanwhile, Sol Strategies, a Canadian Solana treasury and staking company, saw its stock move in the opposite direction. on the Nasdaq, its shares plunged 42% on Tuesday. Trading on the Canadian Securities Exchange fared slightly better but still by 16%.

“While share prices can fluctuate, our approach centers on what we call our DAT++ model,” Sol Strategies CEO Leah Wald told Cointelegraph. “We remain focused on building long-term value through disciplined execution of our business strategy.”

In June, Sol Strategies . However, it increased its validator and staking revenue, selling large chunks of its BTC holdings for SOL and Sui ().

Related:

Publicly traded crypto companies, especially those relying on crypto treasuries, have had mixed results over the past month.

Solana treasury company Upexi’s share price has 2.1% in the past month, while the share price of DeFi Development Corp., another Solana treasury company, has a rise of 13.2%.

Metaplanet, a Bitcoin treasury company based in Japan, has seen a drop of 37% in its share price over the past 30 days, despite its , and recent shareholder approval to .

Strategy, the first company to deploy a crypto strategy, has also seen a drop-off, with its share price 18% in the last month.

Magazine: