MOGU's stock price surged over 80% in pre-market trading, allocating up to $20 million to Bitcoin and other digital currencies

On Thursday, before the U.S. stock market opened, MOGU's stock price surged over 80% in pre-market trading after the company announced a strategic allocation of up to $20 million of corporate assets to the cryptocurrency sector, primarily Bitcoin, Ethereum, and Solana. As of the time of writing, the company's stock price in pre-market trading had risen over 24% to $3.11. The company's board of directors authorized Chairman Chen Qi to decide on the timing and amount of cryptocurrency purchases. The latest statement released by the company indicates that the board believes that by incorporating digital assets into its core assets, the company can not only diversify its treasury holdings but also diversify the operational capabilities necessary for next-generation AI products and services