On September 2, shares of the Chinese agricultural supplier Farmmi soared over 300% on Nasdaq, rising from $0.1187 at the previous close to $0.50. This surge coincided with the excitement surrounding the meme coin JINQIAN and the FAMI token on the Robinhood Chain, as noted by users on X.

This is wild

Farmmi, Inc. (FAMI: NASDAQ) is mooning from onchain trading through the "JINQIAN" / Money Mushroom meme pair

Farmmi (FAMI) recently received a Nasdaq warning after trading below $1 for 30 consecutive sessions

Degens then found “Jinqian” in the company’s own… https://t.co/MleQ99doBL pic.twitter.com/GKbEzatmka

— 0xSammy (@0xSammy) September 2, 2026

By the end of trading, much of the initial gain had diminished, and the final price settled at $0.1501, marking a 26.45% increase. Meanwhile, the daily trading volume skyrocketed to 867.2 million shares, compared to just 5.76 million the day before.

Farmmi's product line includes dried mushrooms, and the name of the JINQIAN token is linked to the company’s offerings; in its annual report, it mentioned a variety of shiitake known as Jinqian, or "money mushroom."

Launched on the Robinhood Chain, the market cap of the JINQIAN meme coin reached $70 million within an hour. According to Lookonchain, one trader invested 8 ETH, valued at around $19,000, and later sold their position for 82.54 ETH, approximately $198,000, netting a profit of about $179,000.

— Lookonchain (@lookonchain) September 2, 2026

A user known as StarPlatinum reported that trading volume for the JINQIAN/FAMI pair approached $88 million in less than three hours.

The Buzz Began with a Post by Claude

The frenzy was sparked by a post from crypto trader Rune, who claimed to have spent about $1.8 million to acquire a 37.4% stake in an unnamed Nasdaq company valued at roughly $4.8 million, with shares trading around $0.12 each.

i’ve been quiet for a few days.

i acquired a controlling stake in a NASDAQ-listed company. $4.8M market cap, trading at $0.12/share with a crazy 92.3% short interest. $6.2M in debt against $380K ARR, everyone thinks its dead

it cost me $1,800,000 for 37.4% of the total shares.…

— Rune (@RuneCrypto_) August 31, 2026

Rune later described his plan to tokenize the acquired shares on the Robinhood Chain and launch a related meme coin. He suggested that demand for the on-chain asset would drive purchases of the underlying stock and potentially trigger a short squeeze.

Members of the crypto community connected these details to Farmmi.

However, after the excitement began, Rune stated that he did not actually purchase a stake in the company. He explained that the post was created by Claude at his request, and the figures and other parameters were either "fabricated or exaggerated."

The trader also denied any involvement in the subsequent issuance of FAMI and JINQIAN.

FAMI Is Not a Tokenized Stock

The FAMI token that appeared on the Robinhood Chain mirrored the ticker of Farmmi but was not an official Stock Token from Robinhood.

The platform's documentation lists the contract addresses for all issued tokenized assets. The same ticker and name alone do not imply affiliation with an official program.

On-chain FAMI had an issuance volume of 37.43 million tokens, matching the number of Farmmi shares in circulation. Of these, 14.22 million (about 38%) were allocated to the address of the user who created the contract, closely aligning with the 37.4% mentioned in Rune's post.

However, FAMI lacked a mechanism for issuance and redemption that would tie the token to actual Farmmi shares. Thus, purchasing the token did not grant rights to acquire shares of the company on Nasdaq, unlike an officially backed Stock Token.

User StarPlatinum also pointed out the absence of liquidity locks in the trading pair and warned the community about the associated risks.

Farmmi Received a Nasdaq Warning

Prior to this trading surge, Farmmi’s shares had been trading below $1 for an extended period. On August 11, Nasdaq issued a notification regarding a violation of the minimum price requirement after the shares traded below this threshold for 30 consecutive sessions.

The company was given until February 8, 2027, to rectify the situation. To comply, the closing price must remain at or above $1 for at least ten consecutive trading days.

Additionally, the company faces mounting financial pressures. For the fiscal year 2025, revenue plummeted more than half, from $64.1 million to $28 million, while net losses surged from $4.6 million to $53.4 million.

In addition to its mushroom trading and other agricultural products, Farmmi is also expanding into warehousing and logistics services in the United States.

It is worth noting that at the end of August, the Robinhood Chain surpassed Ethereum in daily revenue due to the surge in meme coin trading.