Treasure Global Inc. (NASDAQ: TGL) has suddenly moved from obscurity to the front page of small‑cap trading screens. Following a 1‑for‑20 reverse stock split that took effect on December 5, 2025, the stock has exploded in price, with intraday moves of several hundred percent and trading volumes tens of times its recent average. [1]
At the same time, the company is projecting more than 500% revenue growth in 2026, leaning heavily on a new digital‑asset platform (OXI Wallet), a real‑world‑asset (RWA) token program (UNIRWA), and the acquisition of Malaysian advisory firm Quarters Elite. [2]
This article summarizes the latest news, stock action, forecasts and third‑party analyses on Treasure Global as of December 6, 2025, to help readers understand what is driving the rally—and what risks remain.
TGL stock price action: from pennies to a violent short‑squeeze candidate
After the 1‑for‑20 reverse split became effective at the open on Friday, December 5, TGL shares surged from around $6.76–$6.82 to a close of $25.44, a gain of approximately 276% in a single session. Intraday, the price swung between a low of about $6.82 and a high near $29.39, a move of more than 300% from low to high. [3]
Trading volume exploded to more than 24–25 million shares on that day, compared with an average daily volume in the low hundreds of thousands, according to several technical‑analysis platforms that track the stock. [4]
On December 6, coverage from AI‑driven news platform Meyka described TGL as having “an impressive 50% surge” and highlighted ongoing speculative interest, with the stock still quoted around $25.44 and posting trading volume far above its recent norms. [5] Retail‑trader forums have begun to describe the name as a “low‑float squeeze setup,” citing the new share structure and thin free float. [6]
Given the post‑split share count of roughly 848,100 shares and a share price in the mid‑$20s, Treasure Global is now a micro‑cap with a market capitalization in the tens of millions of dollars, rather than a large‑cap fintech. [7] That tiny float is central to understanding why the price is moving so violently.
Inside the 1‑for‑20 reverse stock split
The most immediate catalyst for the rally was Treasure Global’s 1‑for‑20 reverse stock split, announced via GlobeNewswire on December 3, 2025 and implemented at the market open on December 5. [8]
Key details from the company’s filing and press release:
- Ratio: Every 20 existing common shares were consolidated into 1 new share.
- Effective date: Trading on a split‑adjusted basis started December 5, 2025 on the Nasdaq Capital Market under the same ticker, TGL.
- Outstanding shares: The split reduced the share count from about 16.96 million to approximately 848,100 shares outstanding. [9]
- Purpose: The company explicitly stated that the split is intended to help regain compliance with Nasdaq’s minimum $1.00 bid requirement, though it warned there is no guarantee of long‑term compliance. [10]
- Economics: The split does not change total equity value in theory; it simply multiplies the share price and divides the share count by the same factor. Percentage ownership for existing shareholders is unchanged, and fractional shares are rounded up. [11]
For traders, however, the new structure matters. A low share count combined with intense interest can create extreme price squeezes, particularly if short interest is elevated or market makers are thinly positioned. The combination of a reverse split, thin float and a wave of speculative attention is a common recipe for the kind of multi‑hundred‑percent intraday swings TGL has just experienced.
Financial snapshot: Q1 FY2026 results and liquidity improvement
Beneath the fireworks in the chart, Treasure Global remains a very small, early‑stage company navigating a high‑risk transformation.
On November 17, 2025, the company reported first‑quarter fiscal 2026 results for the period ended September 30, 2025. Highlights from the GlobeNewswire release include: [12]
- Cash and cash equivalents rose to about USD 1.25 million, up from USD 236,895 as of June 30, 2025—more than a five‑fold increase in liquidity quarter‑over‑quarter.
- Stockholders’ equity increased to roughly USD 11.97 million, compared with USD 10.74 million at the end of the prior fiscal year, reflecting a USD 1.23 million improvement.
- Management reiterated that the company continues to invest in research and development, platform expansion and “next‑generation digital capabilities” tied to payments, AI and token‑based ecosystems.
- The company’s flagship ZCITY Super App had more than 2.7 million registered users as of June 2025, anchoring its online‑to‑offline commerce and rewards ecosystem in Malaysia.
The earnings release also emphasized upcoming launches of OXI Wallet and the UNIRWA token as central to its 2026 growth strategy, with both initiatives targeted for rollout in the first half of 2026. [13]
In an earlier full‑year business update on October 23, 2025, Treasure Global highlighted progress in areas such as AI cloud infrastructure, a purchase order from I Synergy Group for GPUs and AI software, and expansion of digital commerce and FMCG distribution partnerships. [14]
Overall, the fundamental picture is one of improving but still modest scale: low single‑digit millions of revenue, a strengthened but limited cash position, and heavy reliance on future digital‑asset and fintech initiatives to justify current growth projections.
2026 revenue forecast: “Explosive” 500%+ growth from a small base
On December 1, 2025, Treasure Global issued a bold guidance update, projecting more than 500% revenue growth for 2026. [15]
Key points from that guidance:
- The company is forecasting approximately USD 1 million in 2026 revenue, up sharply from USD 182,527 reported in the first quarter, implying strong sequential growth as new products ramp. [16]
- Management attributes the anticipated surge to several milestones:
- Commercialization of OXI Wallet, a multi‑chain digital‑asset platform aimed at supporting up to USD 10 billion in user‑held assets in its first operational year. [17]
- The UNIRWA real‑world asset tokenization program, where Treasure Global’s subsidiary Tadaa Technologies has been appointed exclusive partner and treasury manager for 200 million UNIRWA tokens with a projected value of USD 100 million, focused on real estate and hospitality assets. [18]
- The acquisition and integration of Quarters Elite, expected to drive cross‑selling and distribution of digital‑asset and fintech products (see next section). [19]
While “500%+ growth” sounds dramatic, it is crucial to understand that the absolute dollar figures are still very small. Moving from roughly 0.2 million dollars of quarterly revenue toward 1 million in annual revenue is a meaningful step for the company, but it does not place TGL in the same category as mature fintechs or large e‑commerce platforms.
Strategy pivot: OXI Wallet, UNIRWA and the Quarters Elite acquisition
Treasure Global’s recent announcements show a clear pivot toward fintech and digital assets, layered on top of its ZCITY consumer platform.
OXI Wallet: institutional‑grade digital‑asset platform
On November 12, 2025, the company announced an investment to develop OXI Wallet, described as an institutional‑grade, multi‑chain digital‑asset platform with AI‑driven portfolio tools and strong emphasis on security and regulatory compliance. [20]
OXI Wallet is designed to:
- Integrate tightly with the ZCITY Super App, allowing its 2.7+ million users to access crypto payment and treasury features. [21]
- Support up to USD 10 billion in user‑held digital assets during its first year of operation, according to company projections. [22]
- Provide card‑based stablecoin off‑ramps and cross‑border payment tools that bridge traditional finance and Web3 infrastructure. [23]
OXI Wallet is currently targeted for launch in 1H 2026, making it one of the central “option value” drivers in the TGL story.
Quarters Elite: plugging a $150M AUM advisory network into OXI
On November 20, 2025, Treasure Global announced the acquisition of Quarters Elite Advisory Sdn Bhd, a Malaysian financial advisory firm. [24]
According to the company:
- Quarters Elite manages approximately USD 150 million in client assets.
- It operates a network of more than 350 professional financial consultants serving nearly 3,000 clients across individual, SME and corporate segments.
- Treasure Global believes the acquisition represents a long‑term revenue opportunity of up to USD 150 million, driven by advisory fees and digital‑asset services over time. [25]
- The acquired advisory network is expected to serve as the primary distribution and marketing arm for OXI Wallet, providing a low‑cost, relationship‑driven channel for user acquisition and asset‑under‑management growth. [26]
This combination of a digital‑asset platform (OXI) and a traditional advisory network (Quarters Elite) is central to Treasure Global’s argument that it can ramp recurring, higher‑margin fintech revenue.
Digital‑asset treasury program
The shift into digital assets began earlier in 2025. In June, Treasure Global launched a USD 100 million digital‑asset treasury strategy designed to power a next‑generation AI‑driven consumer intelligence platform and Web3‑ready retail ecosystem. [27]
The treasury initiative is framed as a way to:
- Strengthen digital infrastructure and treasury efficiency.
- Combine real‑time retail data, e‑commerce and blockchain infrastructure into a unified consumer ecosystem in Southeast Asia. [28]
While the numbers and ambitions are large, investors must weigh these announcements against Treasure Global’s current scale and the inherent volatility and regulatory complexity of digital‑asset markets.
Shareholder lock‑up and float dynamics
Another important structural development is the 12‑month voluntary lock‑up announced on November 14, 2025. [29]
According to the company:
- Over 51% of outstanding shares are now subject to a one‑year lock‑up, starting November 14, 2025.
- The lock‑up covers shares held by 24 major shareholders, including key executive directors and long‑term investors.
- Participants agree not to sell, transfer or pledge their shares during this period, with only limited, non‑market exceptions.
- Management positions the lock‑up as a sign of “deep conviction” in long‑term strategy and a tool to support market stability while the OXI Wallet and UNIRWA initiatives are rolled out. [30]
When combined with the reverse split, the lock‑up significantly reduces effective free float. From a trading perspective, this helps explain why TGL can move hundreds of percent in a day: a relatively small pool of tradable shares is now the arena for aggressive buyers, sellers and short‑term speculators.
What third‑party models and platforms are saying about TGL
Alongside company releases, a range of AI‑driven, quantitative and retail‑focused platforms have published conflicting views on Treasure Global’s stock as of early December 2025.
Short‑term bullish signals
- Intellectia.ai
Intellectia’s forecast engine projects:- 1‑day price prediction around $25.6,
- 1‑week target around $24.02,
- 1‑month target near $25.99.
It labels TGL a “Strong Buy candidate” in the short term, citing multiple buy signals, a rising trend and increased volume, while also warning of elevated risk given recent volatility. [31]
- StockInvest.us
StockInvest’s AI analysis describes TGL as a “buy candidate since Dec 05, 2025”, noting the 276.44% daily gain from $6.76 to $25.44, a huge intraday range and a 96.66% rise over the last two weeks despite several down days. It highlights the increase in volume alongside price as a positive technical sign, but underscores the “volatile ride” and high risk. [32]
These tools are typically favored by short‑term traders, not long‑horizon fundamental investors.
Bearish and cautious forecasts
- StockScan / stockscan.io
A separate quantitative forecast from StockScan shows a negative 30‑day outlook, with an average target of about $10.06 versus the current ~$25.44, implying a potential drawdown of around 60% from recent levels. Longer‑term projections out to 2035 and 2040 assume eventual price appreciation, but from substantially lower levels than today. [33] - CoinCodex
CoinCodex’s model projects TGL falling to about $0.2883 per share by early January 2026. [34] Importantly, that forecast appears to be based on pre‑reverse‑split pricing, so the nominal number is not directly comparable to the new post‑split share price; however, the direction of the forecast still implies an expected decline rather than further upside. - Macroaxis
Macroaxis’s December “investment advice” page currently labels Treasure Global a “Strong Sell”, reflecting its probabilistic assessment of risk, volatility and potential distress. [35] - Meyka AI News
Meyka’s December 6 feature on TGL characterizes the stock as speculative, noting a C+ rating and a broad “sell” stance, despite the price surge. The article points to a negative EPS, a high price‑to‑book ratio and a very small market capitalization as reasons for caution, even as it highlights strong investor enthusiasm around the ZCITY app. [36]
Taken together, these external views paint a split picture:
- Short‑term, momentum‑driven models flag TGL as a high‑risk buy based on powerful recent price action and volume.
- Medium‑term and risk‑focused models lean toward sell or strong sell, projecting potential sharp drawdowns once the current squeeze dynamics fade.
Structural and fundamental risks to watch
Beyond daily trading noise, there are several material risks that investors and readers should consider when evaluating Treasure Global:
- Going‑concern and audit risk
In October 2025, external reporting indicated that auditors had raised “going concern” doubts regarding the company, reflecting uncertainty about its ability to meet obligations without additional financing. [37] Micro‑caps pursuing aggressive expansion often rely on repeated capital raises, which can dilute existing shareholders. - Execution risk in digital assets and fintech
OXI Wallet, UNIRWA and the digital‑asset treasury strategy are not yet fully live at scale. They operate in a heavily regulated, fast‑changing space where security, compliance and market adoption are all non‑trivial challenges. [38] - Scale and concentration risk
Even with projected 500%+ revenue growth, the company is targeting only around USD 1 million in 2026 revenue, leaving it highly exposed to small execution missteps, regulatory changes or partner issues. [39] - Float mechanics and volatility
The combination of a 1‑for‑20 reverse split, 51% locked‑up shares, and micro‑cap status means that TGL’s free float is extremely limited. [40] Prices in such environments can be driven far from fundamentals by relatively small flows of speculative capital. - Regulatory and reputational exposure in crypto / tokenization
Digital‑asset projects, particularly around RWAs and treasury strategies, face evolving regulatory requirements and reputational risks if market conditions or counterparties deteriorate. Treasure Global’s own risk disclosures highlight potential volatility in digital‑asset markets and regulatory uncertainty. [41]
These risks do not negate the company’s growth plans, but they frame the rally as a high‑beta, high‑uncertainty trade rather than a stable, cash‑generating business at this stage.
Outlook: can the December 6 rally in TGL stock last?
As of December 6, 2025, the story around Treasure Global can be summarized as follows:
- Near‑term drivers:
- A dramatic 1‑for‑20 reverse split and tightened float.
- A wave of retail and algorithmic interest generating multi‑hundred‑percent daily moves. [42]
- Fundamental thesis:
- A Southeast Asia–based tech company with a 2.7+ million‑user consumer platform (ZCITY). [43]
- An ambitious pivot into digital‑asset infrastructure (OXI Wallet), RWA tokenization (UNIRWA) and advisory distribution (Quarters Elite). [44]
- Management guidance for 500%+ revenue growth in 2026, albeit from a very small base. [45]
- Risk profile:
For traders, TGL currently behaves like a classic low‑float momentum play tied to a high‑concept fintech and digital‑asset narrative. For long‑term investors, it remains an early‑stage, high‑risk micro‑cap whose future will be determined less by the latest percentage move and more by whether OXI Wallet, UNIRWA and the broader ZCITY ecosystem can achieve real, sustainable adoption and meaningful revenue.
References
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