Treasure Global Inc. (NASDAQ: TGL) has just delivered one of the wildest weeks on Wall Street’s micro‑cap stage. After a 1‑for‑20 reverse stock split took effect on Friday, December 5, 2025, the stock ripped roughly 276% higher to close at $25.44, with after‑hours trading briefly pushing quotes near $49. [1]
Beneath the eye‑catching price action is a tangled mix of Nasdaq delisting risk, extreme float shrinkage, aggressive 2026 growth promises, and a high‑concept fintech/digital‑asset strategy built around its ZCITY app, OXI Wallet, UNIRWA tokens and the Quarters Elite acquisition. [2]
Here’s a structured look at what actually happened, what the company is saying, and how various models and commentators are now treating TGL stock as of December 8, 2025.
1. Where Treasure Global Stock Stands After the Reverse Split
According to real‑time data for December 5, 2025 (the last completed trading session):
- Closing price: $25.44, up $18.68 (+276.44%) on the day
- After‑hours quote: about $49.23 (+93.5% from the close)
- Market cap: roughly $21.6 million
- Shares outstanding: about 848,100 post‑split
- Day’s range: $6.82 – $29.39
- 52‑week range: $5.23 – $780.00
- Volume: ~25.6 million shares traded in one day [3]
Those numbers already look surreal for a tiny tech company, but the context matters: the stock’s share count was divided by 20 in a reverse split that drastically shrank the float. The price is high in absolute terms, but the underlying business remains very small, and the volatility is off the charts.
CoinCodex pegs 30‑day volatility near 196%, with 16 out of the last 30 days closing green and a current price of $25.44 against a one‑month model value of about $25.12. [4]
In other words: the chart screams “lottery ticket,” not “boring fintech utility.”
2. Reverse Split Meets Delisting Notice: A High‑Wire Act on Nasdaq
2.1 The 1‑for‑20 reverse stock split
On December 3, 2025, Treasure Global announced that it would effect a 1‑for‑20 reverse stock split of its common shares, with trading on a split‑adjusted basis beginning December 5, 2025. [5]
Key details from the company’s press release:
- The ticker remains TGL on the Nasdaq Capital Market.
- Every 20 existing shares were combined into one new share.
- The outstanding share count shrank from 16,962,004 to roughly 848,100. [6]
- The split did not change the par value or the authorized share count.
- Fractional shares are rounded up to the next whole share.
The stated goal is straightforward: push the per‑share price high enough to satisfy Nasdaq’s minimum $1.00 bid price rule and help the company stay listed. [7]
2.2 Nasdaq’s determination to delist
Unfortunately for TGL, Nasdaq’s patience appears thin.
In a Form 8‑K filed on December 3, 2025, Treasure Global disclosed that, on December 2, 2025, it received a Staff Determination from the Nasdaq Listing Qualifications Department to delist its securities from the Nasdaq Capital Market. [8]
Nasdaq’s reasoning, as described in the filing:
- The company failed to comply with the minimum $1 bid price requirement under Listing Rule 5550(a)(2).
- Under Listing Rule 5810(c)(3)(A)(iv), TGL cannot receive another compliance period, because it has executed multiple reverse stock splits in the past two years with a cumulative ratio above 250‑for‑1. [9]
Nasdaq specifically cites:
- A 1‑for‑70 reverse split on February 27, 2024
- A 1‑for‑50 reverse split on April 7, 2025
- The new 1‑for‑20 split effective December 5, 2025
- A 30‑trading‑day streak (October 15 – November 28, 2025) with the closing bid price below $1.00 [10]
Treasure Global has requested a hearing before a Nasdaq Hearings Panel, which automatically stays the suspension and prevents the immediate filing of a Form 25‑NSE. During this appeal:
- TGL stock continues to trade on Nasdaq.
- The company plans to present a compliance plan. [11]
The delisting notice does not directly affect day‑to‑day operations or SEC reporting obligations, but it is a major overhang: a move to over‑the‑counter markets would likely mean lower liquidity, wider spreads and even wilder volatility.
3. The 2026 Growth Story: OXI Wallet, UNIRWA Tokens and Quarters Elite
While Nasdaq is pushing on the listing side, Treasure Global is pushing a very different narrative: a high‑growth digital‑asset and fintech ecosystem for 2026 and beyond.
3.1 500%+ revenue growth projection for 2026
On December 1, 2025, the company issued a press release touting an “explosive” 500%+ revenue growth projection for 2026. It’s forecasting roughly $1 million of revenue for the 2026 fiscal year, compared with $182,527 reported in the first quarter of that year. [12]
In absolute dollar terms, those numbers are still tiny, but the company is leaning heavily into the percentage growth headline. The projected ramp is supposed to come from three main pillars:
- OXI Wallet – a new digital‑asset platform
- UNIRWA real‑world‑asset (RWA) tokenization
- Quarters Elite – an advisory firm acquisition and distribution channel [13]
3.2 OXI Wallet: digital assets + AI + ZCITY
In a separate November 12, 2025 release, Treasure Global detailed its investment in OXI Wallet, describing it as:
- An institutional‑grade digital asset platform with strong security and regulatory alignment
- Designed to support up to $10 billion in user digital assets during its first year of operation
- Integrated with the company’s ZCITY Super App, which had over 2.7 million registered users as of June 2025 [14]
- Multi‑chain, supporting networks including Binance, Ethereum, TRON and Solana
- Monetized via wallet transaction fees, debit card fees, listing fees and crypto‑to‑asset product management fees [15]
OXI Wallet is scheduled for launch in the first half of 2026, with an AI‑powered portfolio assistant to provide analytics and guidance in selected markets. [16]
3.3 UNIRWA: 200 million token mandate
Through subsidiary Tadaa Technologies, Treasure Global has been appointed exclusive treasury manager for 200 million UNIRWA tokens, which the company says have a projected value of $100 million tied to real estate and hospitality assets in Southeast Asia. [17]
Expected revenue streams include:
- Management fees
- Transaction fees
- Tokenization services
UNIRWA is meant to funnel high‑value assets and flows into the OXI Wallet ecosystem while putting TGL on the map in the regulated RWA finance niche.
3.4 Quarters Elite: advisory arm and distribution engine
On November 20, 2025, Treasure Global announced it had acquired Malaysian advisory firm Quarters Elite, which:
- Manages around $150 million in client assets
- Operates with 350+ advisors serving roughly 3,000 clients [18]
The idea is to use Quarters Elite as:
- A marketing and distribution arm for OXI Wallet
- A channel for recurring fee‑based advisory and asset‑management revenue
- A way to cross‑sell TGL’s fintech products to a ready‑made client base
The company has floated a potential long‑term revenue opportunity of up to $150 million associated with this integration, though this is clearly aspirational rather than a formal forecast. [19]
3.5 Crypto‑services deal funded in stock
In mid‑November, an 8‑K summarized a $5 million services agreement under which TGL compensates a provider of crypto wallet/exchange services with a mix of:
- $100,000 cash, and
- Common stock valued at $3.4 million, issued under Regulation S at a notional $1.10 per share, plus additional performance‑based consideration [20]
This underscores a recurring theme: Treasure Global is willing to pay in stock to build out its digital‑asset infrastructure. That can accelerate development but also risks future dilution for existing shareholders.
4. Financial Reality Check: Shrinking Revenue, Deep Losses, More Cash
Underneath the futuristic fintech language, the current numbers are humble.
4.1 FY 2025 results
According to aggregated financial data, in the fiscal year 2025:
- Revenue: about $2.33 million, down ~89% from $22.07 million the prior year
- Net loss: roughly $23.4 million, more than triple the previous year’s loss [21]
These figures confirm that TGL is still far from profitability and that its legacy business lines saw a significant contraction.
4.2 Q1 2026 (quarter ended September 30, 2025)
In its November 17, 2025 Q1 2026 results, the company highlighted: [22]
- Cash and equivalents: up to $1.25 million (from $236,895 on June 30, 2025) – a 5x increase
- Stockholders’ equity: up to $11.97 million (from $10.74 million)
- Continued investment in R&D and digital platform development, especially around AI, loyalty and digital assets
- ZCITY user base still above 2.7 million
The balance sheet has clearly improved in liquidity terms, but the company remains small and loss‑making with a very ambitious roadmap relative to its financial base.
5. Lock‑Up Agreement: 51% of Shares Sidelined for a Year
On November 14, 2025, Treasure Global entered into a 12‑month voluntary lock‑up agreement with certain existing stockholders. An 8‑K and related summaries indicate that: [23]
- The lock‑up covers over 51% of outstanding shares (including convertible securities).
- Signatories agreed not to sell, transfer, pledge or otherwise dispose of covered shares for one year, subject to limited exceptions (e.g., gifts, transfers to affiliates, estate planning).
- The company instructed its transfer agent to place stop‑transfer notations on these holdings to enforce the restrictions.
Commentary from both StockTitan and trading blogs frames this as an attempt to:
- Signal insider confidence
- Reduce near‑term selling pressure
- Give the company a stable shareholder base while it tries to execute its OXI/UNIRWA/Quarters strategy [24]
Of course, a lock‑up cuts both ways: it lowers potential supply, which can magnify price spikes on relatively small amounts of demand (exactly what appears to have happened after the reverse split).
6. How Models and Technical Tools See TGL Now
There is essentially no traditional Wall Street analyst coverage listed for TGL; StockAnalysis, for example, reports no analyst ratings or price targets. [25]
Instead, the landscape is dominated by algorithmic and technical services that are, frankly, all over the place.
6.1 CoinCodex: short‑term flat, volatility extreme
CoinCodex’s TGL page (updated December 8, 2025) shows: [26]
- Current price: $25.44
- 5‑day prediction: $25.27
- 1‑month prediction: $25.12 (‑1.25%)
- Sentiment: Bullish
- Fear & Greed Index: 39 (Fear)
- Volatility: ~196% over 30 days
- Green days: 16/30 (53%)
- 14‑day RSI: ~98 (deeply overbought on their scale)
Translation: the model sees trend strength but also serious overextension, with only very modest directional bias over the next month.
6.2 StockScan: near‑term downside, long‑term moonshot
StockScan’s forecast page paints a very different picture: [27]
- 30‑day analyst‑style target: average $10.06, implying ‑60% from $25.44
- 12‑month target: average $17.39, roughly ‑32% from current levels
- Technical indicator summary: “Strong Buy”, with 9 bullish, 5 bearish and 3 neutral signals
- Long‑term price path (model‑based):
- 2030 average around $26.6
- 2040 average around $43.3
- 2050 average around $145+
This is the kind of output you get when you feed tiny, hyper‑volatile micro‑caps into generic long‑term models: the system tries to extrapolate, but the error bars are essentially the size of the galaxy.
6.3 Intellectia.ai: Strong Buy short‑term, “bearish” moving averages
Intellectia’s AI‑driven forecast (also updated as of December 8, 2025) reports: [28]
- 1‑day prediction: +0.63% (to ~$25.60)
- 1‑week prediction: ‑6.6% (around $24.02)
- 1‑month prediction: +2.2% (around $25.99)
- Net conclusion: “Strong Buy candidate” based on 6 bullish vs 4 bearish technical signals
- However, its moving average analysis flags:
- Short‑term swing: positive (price above 5‑day SMA)
- Mid‑term: SMA‑20 below SMA‑60 → bearish
- Long‑term: SMA‑60 below SMA‑200 → bearish
Intellectia also notes:
- A short‑sale ratio of ~22% as of December 5
- Several overbought signals (e.g., Williams %R and CCI high, MACD negative but momentum positive)
You end up with a kind of schizophrenic picture: the price action screams squeeze / momentum, while the deeper trend structure still points to a longer‑term downtrend.
6.4 Investing.com technicals: “Strong Buy” but overbought
Investing.com’s technical overview for TGL currently shows: [29]
- Daily signal: Strong Buy based on a composite of indicators
- 14‑day RSI: around 78, which they categorize as overbought
- 5‑day MA: ~23.3 (Buy)
- 50‑day MA: ~10.9 (Buy)
- 200‑day MA: ~14.0 (Buy)
Again: short‑term momentum is powerful, but the overbought RSI suggests a high probability of sharp pullbacks in a name like this.
7. What Commentators Are Saying: Hype vs. Hazard
7.1 INDmoney: mechanical spike, unproven fundamentals
A widely shared article on INDmoney, updated December 8, 2025, asks bluntly: “Why Did Treasure Global Surge 300% in a Day?” and largely answers: because of mechanics, not miracles. [30]
The piece argues that:
- The 1‑for‑20 reverse split shrank the float from roughly 16.96 million to about 848,000 shares.
- That tiny float acts like “tinder”: any combination of speculative buying, algorithms and social/media buzz can drive outsized intraday moves.
- TGL’s storyline – 500%+ 2026 revenue growth, OXI Wallet, UNIRWA tokenization, Quarters Elite, 2.7M+ ZCITY users – is exciting but unproven in terms of sustained, verifiable revenue. [31]
- The company has a history of weak financials, multiple reverse splits and repeated compliance issues, reminiscent of other micro‑cap blow‑ups (they specifically draw parallels to the SMX saga). [32]
Their bottom line: TGL remains a high‑risk, thin‑float micro‑cap where momentum can race far ahead of fundamentals.
7.2 Timothy Sykes newsroom: bold strategy, high‑risk opportunity
An analysis on Timothy Sykes’ news site from December 5, 2025 takes a more opportunity‑focused view. It highlights: [33]
- The five‑fold increase in cash quarter‑over‑quarter (to $1.25M).
- The projected 500% 2026 revenue growth anchored in OXI Wallet and digital‑asset initiatives.
- The strategic role of Quarters Elite in expanding the fintech footprint in Southeast Asia.
- The 12‑month lock‑up covering more than half of outstanding shares as a show of confidence.
The article frames TGL as a bold, speculative trading vehicle in a frothy corner of the market, while repeatedly reminding readers that day‑trading penny‑style names is statistically harmful to most participants and embedding multiple academic citations on day‑trading underperformance. [34]
In other words: interesting catalyst, very dangerous game.
8. Key Upside Drivers vs. Major Risks
Given the mix of corporate news and market signals, the TGL setup as of December 8, 2025 can be boiled down into a few major forces.
8.1 Potential upside drivers
Investors and traders watching TGL are likely to focus on:
- Nasdaq appeal outcome
A favorable hearing that keeps TGL on Nasdaq would avoid the liquidity and visibility hit that comes with moving to OTC. [35] - OXI Wallet launch and adoption
Measurable user activity, asset balances and fee revenue on OXI Wallet across 2026–2027 would validate the digital‑asset pivot. [36] - UNIRWA token traction
Concrete proof that the 200 million‑token mandate actually generates recurring management/transaction revenue could turn a marketing bullet point into a profit engine. [37] - Integration of Quarters Elite
Evidence that the advisory network is cross‑selling OXI and other TGL products, and that assets under management are growing, would support the long‑term revenue opportunity story. [38] - Improving fundamentals
Any move toward positive operating cash flow, stabilizing revenue growth above the current low base, and narrower losses would help close the massive gap between the current narrative and the numbers. [39]
8.2 Major downside risks
On the other side of the ledger:
- Delisting from Nasdaq
If the hearing goes badly, TGL could be removed from the Nasdaq Capital Market, likely shrinking its investor base and worsening spreads. [40] - Serial dilution & stock‑funded deals
Paying service providers and partners in stock (as with the $5 million crypto‑services deal) and future financings could materially dilute existing shareholders, especially given the tiny post‑split share count. [41] - Execution risk on fintech/digital‑asset projects
OXI Wallet, UNIRWA and the broader digital‑asset roadmap are early‑stage. Failure to attract users, comply with local regulations or monetize at scale could leave TGL with a lot of press releases and not much revenue. [42] - Regulatory and market risk in digital assets
Crypto and tokenization are subject to fast‑moving regulation and sentiment swings. Shifts in rules or market conditions could hit both user appetite and profitability. [43] - Micro‑cap volatility and reverse‑split history
Multiple reverse splits (1‑for‑70, 1‑for‑50, 1‑for‑20 in under two years) are classic warning signs of persistent price erosion and capital structure stress. [44]
In short, Treasure Global sits at the intersection of flashy fintech vision and very real structural fragility.
9. Bottom Line: TGL Is a Case Study in Thin‑Float Mania
As of December 8, 2025, Treasure Global (TGL) is:
- A micro‑cap tech company with shrinking historical revenue and large losses, but a new digital‑asset‑heavy strategy. [45]
- Freshly reverse‑split into a tiny float, with a one‑day move of nearly 300% and extreme 30‑day volatility. [46]
- Facing a formal Nasdaq delisting determination, yet simultaneously pitching 500%+ revenue growth off a very low base for 2026. [47]
- Surrounded by algorithmic forecasts that range from near‑term drops of 30–60% to long‑term multihundred‑percent gains, underscoring just how sensitive such models are to small changes in assumptions. [48]
For most people, TGL is less a conventional investment than a live demonstration of how micro‑cap structures, reverse splits, lock‑ups and speculative narratives combine to produce dramatic price spikes. Any serious view on the stock’s medium‑term value will hinge on hard data over the next several quarters: real adoption of OXI Wallet, actual revenue from UNIRWA and Quarters Elite, and a clear verdict from Nasdaq on the listing.
References
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