The U.S. Securities and Exchange Commission has suspended trading in QMMM Holdings Ltd. after weeks of extreme volatility tied to the company’s crypto treasury pivot.
The agency issued an Order of Suspension on September 26 that halts trading from September 29 through October 10, 2025, citing potential manipulation linked to social media recommendations that appeared designed to inflate price and volume. The order names QMMM Holdings Limited and references its Nasdaq listing under ticker QMMM. The suspension period and rationale are set out in the SEC order and the Commission’s Trading Suspensions page.
What changed for QMMM after its crypto pivot
On September 9, 2025, QMMM filed a Form 6-K with a press release announcing a plan to establish a US$100 million cryptocurrency treasury focused on Bitcoin, Ethereum, and Solana.
The company, a Hong Kong based digital media and virtual avatar services provider, described the initiative as part of a broader push into blockchain and AI tools. In the release, CEO Bun Kwai said adoption of digital assets is accelerating and framed the move as a bid to “bridge the digital economy with real-world applications.” The same text appeared on GlobeNewswire.
Timeline from Sept. 9 to Oct. 10
The market reaction was swift. On September 9, QMMM closed at $207, up from $11.27 the day before, after hitting an intraday high of $303, according to StockAnalysis and Investing.com price histories. The stock remained volatile through late September.
On September 26, the last full session before the halt, QMMM closed at $119.40, according to FinancialContent data. MarketBeat’s snapshot around the close placed the company’s market capitalization at about $6.83 billion.
How the SEC order frames the risk
The SEC wrote that trading in QMMM should be suspended “because of potential manipulation” effectuated through social media posts by unknown persons urging investors to buy the stock. The Commission said the action was required “in the public interest and for the protection of investors.”
The order specifies the start and end of the suspension and is signed by SEC Secretary Vanessa A. Countryman. For investors, the SEC’s investor bulletin on trading suspensions explains what a suspension means and the typical next steps when trading resumes.
How broader oversight could shift the market
The pause comes amid heightened attention to companies that raise funds to buy crypto for corporate treasuries. Reuters, citing the Wall Street Journal, reported that the SEC and FINRA have contacted more than 200 firms over stock moves occurring before crypto-treasury announcements.
Separately, CoinDesk reported that Nasdaq has tightened oversight, including in some cases requiring shareholder approval for transactions that issue stock to fund crypto purchases. Those reports underscore the regulatory focus on disclosure, governance, and market integrity as social media drives retail participation in thinly traded shares.
What comes next: The SEC suspension is scheduled to run through October 10, 2025. Investors can track formal updates on the Trading Suspensions page and review QMMM’s EDGAR filings for any material news. Normal trading typically resumes after a suspension expires, subject to exchange and broker conditions, as outlined in the SEC investor bulletin.
