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In summary
- SOS Ltd. announced the purchase of $50M in Bitcoin, which sent its shares up by as much as 97%.
- The company highlighted Bitcoin as a key pillar of the digital ecosystem and a potential strategic asset.
- Companies like Rumble and Genius Group boosted their shares after following similar BTC investment strategies.
Another publicly traded company says it’s going all-in on Bitcoin—and immediately reaped the benefits.
SOS Ltd, a Chinese cloud computing and Cryptocurrency Mining company, announced Wednesday morning that it plans to purchase $50 million in BTC. Within minutes, the company’s shares rose more than 97%, to $13.81, nearly doubling its price.
Shares of SOS, listed on the NYSE, have since fallen to $12.79, after rising 84% on the day.
“This move highlights SOS Ltd.’s efforts to expand investments in digital assets,” the company said in a statement. “SOS 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.”
In the weeks following Donald Trump’s re-election in the United States, the price of Bitcoin has exploded, reaching a new all-time high price above $99,000 last Friday. This rise has led several listed companies to invest heavily in the world’s main cryptocurrency.
These movements have already borne many fruits. Rumble, a right-wing video streaming platform, announced a $20 million Bitcoin treasury on Monday; The company’s shares are up almost 17% since last week. Earlier this month, AI firm Genius Group announced plans to buy $120 million of the world’s leading cryptocurrency, sending its shares soaring 79% on the news.
All of those companies are no doubt following the lead of MicroStrategy, the decades-old software company that began aggressively buying digital gold in 2020. The company currently holds $37.6 billion worth of BTC, a trove that constitutes 1.84% of the global BTC supply.
MicroStrategy’s share price has risen more than 2,397% since it bought its first Bitcoin four years ago.
Edited by Andrew Hayward
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