Treasure Global Unveils $100M Digital Asset Treasury Amid Reverse Split and $2.3M Raise

Introduction

Treasure Global Inc. (NASDAQ: TGL) is a Malaysia-based technology solutions provider that develops the ZCITY Super App, a dual-facing platform serving both consumers and merchants. The app integrates e-payment processing with rewards and cashback programs. As of May 5, 2024, the app had over 2.6 million registered users. Treasure Global began trading on NASDAQ in August 2022 following a USD 9.2 million initial public offering led by EF Hutton.

Corporate Structure and Operations

Founded in 2020, Treasure Global maintains headquarters in New York and employs between 51 and 200 staff members. The company reports two main segments: payment processing and e-commerce operations via the ZCITY platform, alongside bespoke software development services. The company integrates artificial intelligence across various sectors, including campus management, blockchain wallets, crypto mining, gaming, AI marketing tools, large language models, and computing rental services.

Digital assets by Joshua Sortino

Developments and News

On June 4, 2025, Treasure Global announced a USD 100 million digital asset treasury strategy, backed by an existing equity agreement and a new institutional commitment. This initiative enables the company to acquire blockchain-native assets, including Bitcoin, Ethereum, and regulated stablecoins, and supports the planned launch of an AI-powered consumer intelligence platform in Q3 2025.

On December 3, 2025, the board approved a 1-for-20 reverse stock split to meet NASDAQ’s USD 1.00 minimum bid price requirement. The split became effective at the open on December 5, 2025, reducing outstanding common shares from approximately 16.96 million to 848,100.

On December 11, 2025, Treasure Global priced a public offering of 250,000 shares at USD 10.00 per share, with net proceeds estimated at USD 2.325 million. Two days later, on December 13, 2025, the company closed the offering. On December 15, 2025, Treasure Global filed a prospectus supplement (Form 424B3) for up to 2.1 million additional shares, reflecting a last sale price of USD 8.59 as of December 12, 2025.

In parallel, the firm announced that its OXI Wallet fintech platform had launched ahead of schedule, securing its first corporate client with 1,000 Visa cards, which delivered USD 120,000 in confirmed revenue and is projected to generate over USD 1 million in first-year revenue.

Financial and Strategic Analysis

As of December 17, 2025, TGL shares traded at USD 7.76, up 26.18% on a volume of 696,917. The company’s trailing twelve-month revenue stood at USD 2.31 million, with a net loss of USD 24.56 million and an EPS of –52.60. Key valuation and performance metrics include:

• Price/Sales (TTM): 0.34
• Price/Book (MRQ): 0.76
• Return on Assets (TTM): –32.54%
• Return on Equity (TTM): –269.14%
• Total Cash (MRQ): USD 1.25 million
• Total Debt/Equity (MRQ): 1.20%

The USD 100 million treasury strategy supports infrastructure for tokenization, retail analytics, and blockchain-based settlement. Proceeds from the December offerings will fund technological development, platform expansion, and working capital, aligning with the launch of the AI-powered consumer platform in Q3 2025.

Market Position and Industry Context

Treasure Global operates in the Southeast Asian fintech and e-commerce market, facing competition from regional "super app" providers. Its ZCITY platform differentiates itself from traditional e-wallets by offering integrated payment solutions and analytics. The company’s initiatives in digital asset management and blockchain infrastructure position it among a select group of Nasdaq-listed firms in the region. Strategic partnerships—such as the integration with Mezzofy for coupon services—and the acquisition of advisory network Quarters Elite further expand distribution channels and support revenue growth.

tl;dr

On June 4, 2025, Treasure Global launched a USD 100 million digital asset treasury strategy to support its Q3 2025 AI consumer intelligence platform. A 1-for-20 reverse stock split took effect on December 5, 2025, and the company raised net proceeds of USD 2.325 million from a 250,000-share offering on December 11, 2025. As of December 17, 2025, TGL shares traded at USD 7.76. Upcoming developments include the launch of OXI Wallet in H1 2026 and the rollout of the real-time AI platform in Q3 2025, alongside potential institutional interest in tokenized assets.