If the rally holds through the close, it would mark Mogu stock’s biggest single-day gain in more than five years.
Shares of China-based Mogu (MOGU) surged nearly 80% in Thursday afternoon trading after the company said it will allocate $20 million of its corporate assets to digital currencies.
MOGU’s stock spiked to an intraday high of $8.10 before paring some of the gains to hover around $4.45 at the time of writing. The shares haven’t traded at these levels since December 2021. If the rally holds through the close, it would mark the company’s biggest single-day gain in more than five years, according to Koyfin data.
On Stocktwits, retail sentiment around MOGU’s stock jumped to ‘extremely bullish’ from ‘bullish’ and retail chatter spiked to ‘extremely high’ from ‘normal’ levels over the past day, marking a year-high on both fronts.
The company stated that the allocation will focus on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), along with related securities and investment products. Mogu’s board also authorized Chairman Chen Qi to decide the timing and size of the acquisitions.
Bitcoin’s price edged 0.6% higher in the last 24 hours, recovering to $114,000. On Stocktwits, retail sentiment around the apex cryptocurrency remained in ‘bearish’ territory over the past day. Meanwhile, Ethereum’s price gained 1.7% and Solana’s price was up 2.2%.
In a statement, the Hangzhou-based company said integrating digital assets into its balance sheet is intended to diversify treasury holdings and strengthen operational capabilities for its next-generation AI products and services.
Mogu operates as an online fashion and lifestyle platform in China, positioning itself as a KOL-driven marketplace. KOLs, or ‘key opinion leaders,’ are influential social media figures who drive engagement, promote products, and connect merchants with users on the platform.
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