CIMG Inc. surged over 1600% after announcing a 20-for-1 reverse stock split to comply with Nasdaq listing requirements. The company’s outstanding shares will drop from 309,667,840 to 15,483,392. Despite the surge, CIMG remains unprofitable with EPS at -13.33 and a market cap of $32.8 million.

CIMG added 500 BTC to its balance sheet and plans to expand into tokenized digital-asset products. The move follows a $55 million stock sale completed through a 220 million-share private placement. Public companies hold over 1.06 million BTC on their balance sheets, about 5% of the fixed 21 million supply.

CIMG’s surge led to increased trading volume and volatility. The company is exploring tokenized product initiatives related to crypto and AI partnerships. Analysts predict a 90% surge for the sinking crypto stock, highlighting the market’s interest in digital assets like Bitcoin.

Read more at Yahoo Finance: Consumer staples stock surges 1,600% amid crypto pivot