Mogu Shares Hit 52-Week High After Board Approves Digital-Currency Fund
By Chris WackMogu shares were 77% higher, at $4.42, after the company said its board of directors has approved a strategic allocation of up to $20 million in corporate assets to digital currencies.The stock hit its 52-week high of $8.10 earlier in the session, and is up 123% in the past 12 months.The company said the investments would be primarily bitcoin, ethereum, and solana, as well as related securities and investment products.The company said its board believes that by integrating digital assets into its core assets, it can diversify not only its treasury holdings, but also its operational capabilities needed for its next-generation AI products and services.The board has authorized Chairman Chen Qi to determine the timing and amount of digital currency acquisition.Write to Chris Wack at [email protected]