According to Caixin, QMMM Holdings (NASDAQ: QMMM), a Nasdaq-listed company, announced on September 9, 2025, plans to invest $100 million in a cryptocurrency reserve. Its stock price surged 960% in three weeks. At the end of September, the U.S. Securities and Exchange Commission (SEC) suspended trading of the company, effective September 29, based on allegations that the company was manipulating its stock price through social media platforms. The suspension remains in effect.

Caixin visited its Hong Kong headquarters on October 16th and found the office deserted. Upon inquiring with a staff member of another nearby company, they stated that the company had relocated in September and they were unaware of the relocation. QMMM reportedly listed on the Nasdaq in July 2024 and is registered in the Cayman Islands as a holding company. QMMM operates two subsidiaries, Manymany Creations and Quantum Matrix, primarily in media and animation production. Both are registered in Seaview Building near Tin Hau MTR Station in Hong Kong, and their registered business types are "advertising and market research."