Overview

• U.S. regulators suspended QMMM shares until 11:59 p.m. ET on October 10 as they investigate potential stock promotion by unknown social-media accounts.
• The SEC said posts urging investors to buy QMMM appeared designed to inflate price and trading volume.
• QMMM disclosed on September 9 that it planned to build a diversified cryptocurrency treasury targeting Bitcoin, Ethereum and Solana with an initial $100 million.
• The Hong Kong-based digital advertising company, whose U.S. listing runs through a Cayman Islands entity, saw its stock spike from roughly $6.50 to an intraday high above $200 before the halt.
• The action forms part of wider scrutiny of crypto-treasury announcements, with the SEC also suspending Smart Digital Group and the Wall Street Journal reporting outreach by the SEC and FINRA over unusual trading.