SOS Ltd. Stock Soars After $50M Bitcoin Purchase Announcement

Bitcoin

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

Author Profile

Share

Copied

Last updated:

November 28, 2024 00:43 EST

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

SOS Ltd., a commodity trading firm, saw its stock trade higher after the firm announced its Board of Directors approved a $50 million investment to purchase Bitcoin.

At Wednesday’s market close, the stock trading under the ticker SOS was up 42%.

Bitcoin, recently hit historic highs, trading at approximately $93,000 per coin. Market analysts predict the cryptocurrency may surpass the $100,000 mark by the end of the year.

This latest move by China-based SOS Ltd. shows the firm is making a commitment to blockchain technology and its long-term confidence in Bitcoin as a store of value and a strategic asset.

Favorable Market Conditions and Regulatory Developments

SOS’s investment plans show the firm is moving with the bullish trend in the cryptocurrency market, fueled by growing institutional adoption, and a favourable U.S. regulatory environment for digital assets.

“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 U.S. regulatory environment for digital assets,” said Yandai Wang, Chairman and CEO of SOS Ltd.

“We believe this investment plan will further enhance the company’s overall competitiveness and profitability in the digital asset investment sector,” adds Wang.

Metaplanet’s Stock Surges After Bitcoin Purchase

Japanese investment firm Metaplanet Inc. saw its shares rise by 15.1% last week following its latest Bitcoin purchase. The purchase increased the firm’s total holdings to 1,142.2 BTC, valued at $104.8 million.

Michael Saylor’s MicroStrategy has been purchasing Bitcoin since 2020, and has continued to bet big on the cryptocurrency.

MicroStrategy fell 35 percent from its November 21 peak – effectively wiping $30 billion worth of market capitalization following a recent Bitcoin dip, global capital markets commentary platform The Kobeissi Letter said in a November 26 X post.