Mogu, Inc. Sponsored ADR Class A (MOGU.US) stock price surged by over 80% in pre-market trading, allocating up to $20 million towards cryptocurrencies such as Bitcoin.

On Thursday, before the US stock market opened, the stock price of Mogu, Inc. Sponsored ADR Class A (MOGU.US) surged over 80% in pre-market trading. Earlier, the company announced that it would strategically allocate up to $20 million of corporate assets to the digital currency space, mainly Bitcoin, Ethereum, and Solana. As of writing, the company's stock price surged over 24% to $3.11 in pre-market trading. The board of directors has authorized Chairman Chen Qi to determine the timing and amount of digital currency purchases. The company's latest statement shows that the board believes that by incorporating digital assets into its core holdings, the company can not only diversify the size of its treasury holdings, but also diversify the operational capabilities necessary for the next generation of AI products and services.