In brief
- China-based Mogu said Thursday that its board had approved allocating $20 million in Bitcoin, Ethereum, and Solana.
- The fashion company’s Nasdaq-listed shares were recently up 76%.
- Mogu’s board of directors had approved a plan to spend $20 million on cryptocurrencies and crypto-related securities.
Shares of Nasdaq-listed fashion company Mogu soared on Thursday after the company announced it was buying digital coins Bitcoin, Ethereum, and Solana with its spare cash.
China-based MOGU was recently trading about 76% higher at $4.40 after soaring at one point to over $7 per share. The share price has been largely stuck below $5 since reaching an all-time high above $37 in early 2021.
Mogu, which sells clothes and accessories online, said Thursday that its board of directors had approved a plan to spend $20 million on the cryptocurrencies and crypto-rela
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Author: Mathew Di Salvo
