Caixin: Hong Kong crypto treasury company QMMM has been suspended and its office is empty.

On September 9, 2025, Nasdaq-listed QMMM Holdings (NASDAQ:QMMM) announced plans to invest $100 million in a cryptocurrency reserve. Its stock price surged 960% in three weeks. At the end of September, the US SEC suspended trading of the company, alleging it was suspected of manipulating its stock price through social media platforms.