Chinese Company SOS Makes $50M Bitcoin Move as Stock Skyrockets
- SOS Limited, a Chinese data mining company, has committed $50 million to Bitcoin, which has led to a 100% surge in its stock price, signaling investor optimism.
- SOS’s move aligns with a broader trend of increasing corporate Bitcoin adoption, similar to major companies like MicroStrategy, further solidifying Bitcoin’s role in the global financial system.
On November 27, Chinese data mining company SOS Limited committed $50 million to Bitcoin, a move approved by its board and announced publicly. The company plans to employ strategies such as quantitative trading, direct investment, and arbitrage to maximize returns.
As recently shared in a CNF post, the Chinese yuan’s profile in global payments and trade is rising, overtaking the US dollar as the most used currency in cross-border payments in China. Furthermore, SOS, a publicly traded Chinese company, also announced it will buy $50 million worth of Bitcoin.
In addition, Wise Advice revealed in a tweet that SOS stock surged 100% after this announcement. US publicly traded companies are buying BTC, and Chinese publicly traded companies are following suit.
$SOS, a publicly traded Chinese company, announced that they will buy $50 million worth of #Bitcoin.
SOS stock pumped 100% after this announcement
When— Wise Advice (@wiseadvicesumit) November 27, 2024
This decision highlights SOS’s confidence in Bitcoin’s global significance and its potential role in shaping financial reserves.
Chairman and CEO Yandai Wang emphasized that the investment aims to enhance SOS’s competitive edge in the digital asset sector. The announcement came amid Bitcoin’s recovery, rebounding from a weekly low of $91,000 to $96,000, underscoring its volatile yet bullish trend.
Stock Soars as Bitcoin Rebounds
The SOS strategy aligns with the broader trend of corporate Bitcoin adoption, which has seen massive investments from other major players in the space. SOS Limited’s stock surged nearly 100% following the news, reflecting growing investor optimism. Bitcoin’s ongoing rally, coupled with increasing institutional interest, is driving market enthusiasm, as tweeted by MartyParty.
SOS stock rises 100% after they announce they are buying up to $50 million of Bitcoin. SOS Limited provides data mining and analysis services to corporate and individual members in the People’s Republic of China.
Public Companies Go All-In on Bitcoin
The SOS move mirrors the aggressive Bitcoin acquisition strategies of firms like MicroStrategy, which recently bought $5.4 billion worth of BTC. MicroStrategy’s stock has soared 450% year-to-date, showcasing how Bitcoin adoption can reshape corporate fortunes. Meanwhile, Marathon Digital is also raising funds to deepen its Bitcoin reserves.
Despite Bitcoin’s recent peak near $99,000, long-term predictions remain bullish, with Pantera Capital projecting a $740,000 price by 2028. SOS’s investment underscores the mounting confidence among public companies in Bitcoin’s potential to dominate the global financial landscape.
As of now, at the time of writing, Bitcoin (BTC) is currently trading at $95,009.43, having surged by 1.57% in the past day and decreased slightly by 3.07% in the past week.
