The crypto market continued its slide for the third straight day, led by a sharp 7% drop in the DePIN sector. Major tokens such as Render (RENDER) and Filecoin (FIL) tumbled over 7%, while Bitcoin fell 2.19% to below $109,000 and Ethereum slipped under $4,000. Other segments including DeFi, CeFi, and Layer1 also declined by around 3–4%. In contrast, Layer2 token Zora (ZORA) bucked the trend, surging 18%. Sector indices such as ssiDePIN, ssiAI, and ssiGameFi lost 6.14%, 5.69%, and 5.44%, highlighting persistent weakness across the broader market.

Nasdaq-listed QMMM Holdings, a Hong Kong-based crypto asset management firm, has had its stock trading halted by the U.S. SEC amid allegations of market manipulation through social media. According to Caixin, a visit to the company’s Hong Kong office on October 16 revealed an empty premises, with nearby tenants confirming that QMMM vacated the location in September. The suspension follows a dramatic tenfold surge in QMMM’s stock price after the firm announced a $100 million crypto reserve. Registered in the Cayman Islands, QMMM went public on Nasdaq in July 2024 and also operates subsidiaries involved in media and animation production.

According to a Friday report from Bloomberg, the planned fundraising will be conducted through a special purpose acquisition company (SPAC), a structure often used to merge with or acquire existing firms while raising capital from investors. As part of the deal, Ripple is expected to contribute a significant portion of its own XRP holdings, underscoring the company’s ongoing commitment to strengthening the XRP ecosystem. Once completed, the initiative would create one of the largest corporate treasuries focused specifically on XRP accumulation, further cementing XRP’s position as a key digital asset in institutional portfolios.

The development comes amid a broader rise in Digital Asset Treasuries (DATs) — investment vehicles or reserve strategies adopted by public companies aiming to diversify their balance sheets with exposure to cryptocurrencies. This trend reflects growing corporate interest in hedging against traditional market volatility and leveraging blockchain-based assets for long-term value preservation. Analysts suggest that Ripple’s move could encourage other firms to adopt similar treasury models, potentially driving greater institutional demand and liquidity within the digital asset market.