SOS Ltd Shares Jump 43%, Fueled by Bitcoin’s Record-Breaking Rally
SOS Ltd., a financial services giant based in China, recently announced plans to purchase $50 million worth of Bitcoin. Following the announcement, the company’s shares surged by more than 40%, joining a growing trend of corporations investing in cryptocurrency.
The firm, which runs a Bitcoin mining operation in Wisconsin, announced that its board of directors had approved the $50 million purchase, demonstrating its long-term faith in Bitcoin’s potential as a strategic asset and store of wealth. In order to optimize profits and reduce market volatility, the company intends to employ trading, investing, and arbitrage techniques with its Bitcoin purchases.
Bitcoin market performance is robust and supported by positive developments such as the launch of several Bitcoin-related ETF options and ongoing improvements in the US regulatory environment for digital assets,
SOS chairman and CEO Yandai Wang
From Peaks to Lows: SOS Ltd. Stock Rises Despite NYSE Noncompliance Warning
Google Finance reports that SOS’s stock closed up about 43% to $9.93 on November 27 and rose 14.5% to $11.36 in after-hours trading. However, SOS shares have lost the majority of their value since reaching a peak of $84,900 in October 2017. The shares are down 86.5% this year, which led to a noncompliance letter from the New York Stock Exchange (NYSE) in August owing to underperformance. In 2020, SOS reported its most recent annual net income gain.
In conclusion, the cryptocurrency miner is one of several businesses currently hoping to profit from Bitcoin, which hit a high of $99,860 on Coinbase on November 24 and has since risen almost 40% in November from about $70,000 to now flirting with $100,000.
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