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Investing.com -- 707 Cayman Holdings Limited (NASDAQ:JEM) stock surged 26% after the company announced it had entered into a memorandum of understanding to explore building a cryptocurrency treasury reserve.
The Cayman Islands-based apparel company signed the MOU with Precious Choice Global Limited, a British Virgin Islands corporation, to investigate holding digital assets including Bitcoin, Binance Coin, and Ethereum. According to the announcement, 707 Cayman plans to "significantly scale holdings over the next 12 months," though specific details remain under negotiation.
The agreement includes an exclusivity provision binding both companies for one year from the signing date. This prevents either party from pursuing similar arrangements with other potential partners during this period.
707 Cayman’s primary business involves selling apparel products and providing supply chain management solutions. This move into cryptocurrency holdings represents a potential diversification of the company’s treasury strategy.
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