Mogu, a China-based fashion company, announced that its board of directors approved a plan to allocate $20 million towards purchasing Bitcoin, Ethereum, and Solana. Following this announcement, Mogu's shares rose significantly, reaching an increase of 76% at one point, eventually trading around $4.40 after initially spiking above $7. This sharp increase in share price is noteworthy considering Mogu's stock had previously been struggling below the $5 mark after peaking above $37 in early 2021. The decision to invest in cryptocurrencies is part of Mogu's strategy to diversify its treasury holdings and enhance its operational capabilities, particularly for next-generation AI products and services. Mogu is now one of several publicly traded companies in the U.S. that are embracing cryptocurrency as a means to bolster their financial portfolios, following the lead of companies like MicroStrategy, which have successfully pivoted to crypto assets.

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