Mogu Shares Surge 77% on $20M Cryptocurrency Investment Plan

Shares of China-based online fashion and lifestyle platform Mogu surged dramatically, reaching a nearly four-year high following the announcement that its board approved allocating up to $20 million of corporate assets to digital currencies, primarily Bitcoin, Ethereum, and Solana. This strategic move aims to diversify Mogu’s treasury holdings and enhance its operational capabilities for developing next-generation AI products and services. The stock experienced intraday gains of up to 80%, with trading volume spiking significantly as retail sentiment turned extremely bullish. Chairman Chen Qi has been authorized to determine the timing and size of the cryptocurrency acquisitions. Mogu’s pivot reflects a broader trend among publicly traded companies seeking to diversify cash holdings through digital assets, despite mixed investor sentiment around crypto exposure. The company operates a KOL-driven marketplace in China and went public in 2018, with notable investors including Tencent Holdings.