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, said 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 (BTC), Ether (ETH) and Solana (SOL).
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. Newly listed on the Nasdaq, its shares plunged 42% on Tuesday. Trading on the Canadian Securities Exchange fared slightly better but still dropped 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 reported a Q2 net loss of $3.5 million. However, it increased its validator and staking revenue, selling large chunks of its BTC holdings for SOL and Sui (SUI).
Related: Metaplanet, Semler Scientific were ‘zombie companies’ until Bitcoin, execs say
Crypto companies have mixed one-month results
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 dropped 2.1% in the past month, while the share price of DeFi Development Corp., another Solana treasury company, has seen 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 continued buying of Bitcoin, and recent shareholder approval to pursue its crypto accumulation strategy.
Strategy, the first company to deploy a crypto strategy, has also seen a drop-off, with its share price falling 18% in the last month.
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