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This is the company SOS Limited, dedicated to technology, finance and Cryptocurrency Mining.
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The shares of this company were trading at $7 and its price rose to almost $15.
The shares of a Chinese company soared more than 100% in the last 24 hours after learning that its Board of Directors approved a plan to invest $50 million in the purchase of Bitcoin (BTC).
This is SOS Limited (S.O.S.), a technology and financial company with cryptocurrency mining operations. On November 26, each SOS share cost USD 6.90. After the announcement about the investment in bitcoin Through a press release that was published on November 27, the company’s stock rose to USD 14.60.
As demonstrated by the portal Google Financethis rise implied an increase in its price of more than 100% in a single day, although before closing the day, the stock fell again to USD 9.36. At the time of writing it is around USD 11.
SOS is a Chinese company that offers cryptocurrency-related services. Fountain: Google Finance.
Another company that protects its capital with bitcoin, like MicroStrategy
According to the press release shared by the company, this investment represents SOS’s commitment to “advance its Blockchain business and consolidate the company’s long-term belief in Bitcoin’s role as a store of value and strategic asset.”
The reasons for SOS’s investment in bitcoin are due to the positive momentum in the cryptocurrency market, a bitcoin-friendly US political environment and cryptocurrencies and growing institutional support for Bitcoin, led at the corporate level by Michael Saylor, CEO of MicroStrategy.
According to the SOS press release, the company “believes that Bitcoin is not only a cornerstone of the digital asset ecosystem, but also has the potential to become a key global strategic reserve asset.”
SOS President and CEO Yandai Wang also had words about the company’s strategic investment in bitcoin. He commented:
“Bitcoin market performance is strong and supported by positive developments such as the launch of several Bitcoin-related ETF options and continued improvements in the US regulatory environment for digital assets. “We believe this investment plan will further enhance the Company’s overall competitiveness and profitability in the digital asset investment sector.”
Yandai Wang, President and CEO of SOS.
Investing in bitcoin meant that companies saw their shares rise
As reported in CriptoNoticias, the actions of companies related to the BTC mining and the bitcoin industry in general They are intensely affected by the behavior of the price of the crypto asset. Strategically expose yourself to these actions It can be an effective way to diversify investments and take advantage of moments in the cycle when bitcoin rises in price.
SOS is not the only company to benefit in this way. The shares of Terawulf, Hut 8 Mining or CleanSpark have had a excellent end of the year thanks to the performance of bitcoin.
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