Treasure Global Targets Crypto Growth with $100M Treasury, Reverse Split and OXI Wallet Launch

Introduction

TREASURE GLOBAL INC (NASDAQ: TGL) is a Malaysia-based technology solutions provider founded in 2020 and headquartered in New York. The company operates a dual-facing business model, serving both consumers and merchants through its flagship ZCITY Super App. ZCITY integrates AI-driven personalized rewards into e-payment and e-commerce experiences, while Treasure Global’s broader portfolio includes campus management, crypto mining, blockchain wallets, gaming, AI marketing tools, large language models, and computing rental services.

Corporate Structure

As of December 2025, Treasure Global employs between 51 and 200 staff across its technology, marketing, operations, and development functions. The business is organized into two primary segments:

• Payment processing and e-commerce operation via the ZCITY platform, which accounted for the majority of the company’s revenue.
• Customized software development and computing rental services, providing scalable infrastructure for high-performance applications.

The company qualifies as an “emerging growth company” and a “smaller reporting company” under U.S. securities regulations, allowing for certain scaled reporting requirements.

Digital assets by Joshua Sortino

Recent Developments

On June 4, 2025, Treasure Global announced a US$100 million digital asset treasury strategy to support its forthcoming AI-powered consumer intelligence platform, expected to be launched in the third quarter of 2025. This initiative includes US$50 million from existing equity financing and US$50 million from a new institutional commitment for selective blockchain-native asset acquisitions, including Bitcoin, Ethereum, and regulated stablecoins.

Following a shareholder vote on November 24, 2025, the board executed a 1-for-20 reverse stock split of common shares on December 5, 2025, to maintain compliance with Nasdaq listing requirements. On December 11, 2025, the company filed a prospectus supplement (Rule 424(b)(5)) to offer 250,000 shares of common stock at US$10.00 per share, with the intention of raising approximately US$2.5 million before expenses.

On LinkedIn, management updated its full-year 2026 revenue outlook, projecting a significant increase in fourth-quarter revenue compared to first-quarter performance. Key initiatives include the planned first-half 2026 launch of the OXI Wallet—an institutional-grade digital asset platform targeting management of up to US$10 billion in user-held assets—and a partnership to manage 200 million real-world asset (RWA) tokens under the UNIRWA program. The company also announced a proposed 51% acquisition of Quarters Elite Advisory Sdn Bhd, which manages approximately US$150 million in client assets through 350 advisors.

Financial and Strategic Analysis

On December 15, 2025, TGL closed at US$6.19, down 27.94% on the day, with 212,133 shares traded on NASDAQ. Key trailing-twelve-month metrics include:

• Revenue: US$2.31 million
• Net loss: US$24.56 million
• Diluted EPS: –US$52.60
• Price/Sales ratio: 0.54
• Total cash: US$1.25 million; Debt/Equity: 1.20%

The reverse split and share offering are part of ongoing capital-raising efforts to fund platform enhancements and blockchain-asset investments. The digital asset treasury strategy and forthcoming launches—OXI Wallet and AI consumer review engine—aim to diversify revenue streams beyond traditional e-payment rebates.

Market Position and Industry Context

Treasure Global positions itself at the intersection of AI-powered fintech, e-commerce, and blockchain infrastructure in Southeast Asia. With over 2.7 million ZCITY users as of mid-2025, the company competes in a digital-payments market alongside regional wallets and global super-apps. Its focus on real-time retail analytics, AI marketing tools, and RWA token management provides differentiation, potentially attracting institutional investment.

tl;dr

On December 5, 2025, Treasure Global executed a 1-for-20 reverse stock split. Six days later, it filed to offer 250,000 shares at US$10.00 each, aiming to raise about US$2.5 million. Earlier in 2025, the company launched a US$100 million digital asset treasury strategy and plans to introduce an AI-powered consumer intelligence platform in Q3 2025. ZCITY has surpassed 2.7 million registered users. Key 2026 initiatives include the first-half launch of the OXI Wallet, UNIRWA RWA token management, and the proposed acquisition of Quarters Elite, all intended to support revenue growth.