Yet another publicly traded company says it's going all in on Bitcoin—and immediately reaped the benefits.
SOS Ltd. a China-based cloud mining and computing firm announced its plans on Wednesday to buy BTC worth $50 million. The stock of the Chinese cloud computing and crypto mining firm SOS Ltd soared by over 97% to reach $13.81, almost doubling its price.
The NYSE-traded stock, SOS, has since fallen to $12.79—still up 84% on the day.
“This move highlights SOS Ltd. efforts to expand digital asset investments,” In a press release, the company stated that. “SOS believes Bitcoin is not only a cornerstone of the digital asset ecosystem but also has the potential to become a key global strategic reserve asset.”
The weeks that followed Donald Trump’s re-election Bitcoin is now cheaper in the United States The explosion of the explodedLast Friday, the price of reached a record high above $99,000. This surge has caused several companies listed on the stock exchange to make large investments in Bitcoin, which is currently the top crypto currency.
The moves already have paid dividends. Rumble is a video-streaming platform with a leftist lean. A $20 million Bitcoin treasure was opened on Monday. Since last week, the stock of this company has risen by nearly 17%. Genius Group, an AI company, announced plans earlier this month to purchase $120 million of Bitcoin, which sent its stock up 17%. The soaring News is 79% of the time.
These companies all follow the lead of MicroStrategy. The decades-old company began buying digital gold in 2020. The company currently owns about 37,6 milliards dollars worth BTC is a hidden treasure that represents 1.84% the total global potential supply of tokens.
Since buying its first Bitcoin four years ago, MicroStrategy's stock price has ballooned by over 2,397%.
Andrew Hayward edited the book