Yet one more publicly traded firm says it is going all in on Bitcoin—and instantly reaped the advantages.
SOS Ltd, a China-based cloud computing and crypto mining agency, introduced on Wednesday morning that it plans to purchase $50 million price of BTC. Inside minutes, the corporate’s inventory shot up over 97%, to $13.81, practically doubling in value.
The NYSE-traded inventory, SOS, has since fallen to $12.79—nonetheless up 84% on the day.
“This transfer highlights SOS Ltd. efforts to increase digital asset investments,” the corporate stated in an announcement. “SOS believes Bitcoin just isn’t solely a cornerstone of the digital asset ecosystem but additionally has the potential to develop into a key international strategic reserve asset.”
Within the weeks following Donald Trump’s re-election in the US, Bitcoin’s value has exploded, reaching a brand new all-time excessive value above $99,000 final Friday. This spike has led a number of publicly traded corporations to take a position closely on the planet’s high cryptocurrency.
These strikes have already paid off handsomely. Rumble, a right-leaning video streaming platform, introduced a $20 million Bitcoin treasury on Monday; the corporate’s inventory is up practically 17% since final week. Earlier this month, the AI agency Genius Group launched plans to purchase $120 million price of the world’s high cryptocurrency, sending its inventory hovering 79% on the information.
All of these corporations are arguably following the instance of MicroStrategy, the decades-old software program firm which started aggressively shopping for up digital gold again in 2020. At current, the corporate owns some $37.6 billion price of BTC, a treasure trove that constitutes 1.84% of the token’s complete potential international provide.
Since shopping for its first Bitcoin 4 years in the past, MicroStrategy’s inventory value has ballooned by over 2,397%.
Edited by Andrew Hayward
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