PANews reported on October 17th that according to Caixin, Nasdaq-listed QMMM Holdings (NASDAQ: QMMM) announced on September 9, 2025, plans to invest $100 million in a cryptocurrency reserve, sending its stock price soaring 9.6-fold 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. The suspension remains in effect. Caixin visited its Hong Kong headquarters on October 16th and found the office deserted. Upon contacting staff at another nearby company, they stated that the company had relocated in September and were unaware of the relocation.

QMMM is 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, both primarily engaged 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."