Mogu Stock Jumps Over 190% on $20M Crypto Treasury Strategy
Mogu Inc (NASDAQ: MOGU) shares skyrocketed over 190% Thursday after the China-based e-commerce firm approved a $20 million digital asset treasury (DAT) allocation. The board authorized investments in bitcoin, ether, solana, and related securities, citing diversification benefits and support for AI-focused operations. The move comes as corporate crypto treasuries exceed $120 billion industrywide. Mogu, which went public in 2020, saw its stock surge to $5.25 (up 110% at publication) with trading volume exceeding 60 million shares versus a typical 16,000 daily average. The company’s shares had been below $5 since late 2021.