The board of directors of data mining company SOS Limited has approved a $50 million investment in Bitcoin. The decision was shared through an official statement on Wednesday (27).
SOS is planning to use multiple trading strategies for this investment. These will include quantitative trading, direct investment, and arbitrage strategies.
SOS shares surge 100% after Bitcoin purchase
The announcement comes as Bitcoin has begun to broadly recover from the slump seen in recent days. The cryptocurrency’s price had fallen below $91,000 a day earlier, its lowest level in a week. However, buyers have since returned to show momentum, pushing the price above $96,000 in the past few hours.
Following this news, SOS Limited’s stock price jumped nearly 100%. Thus, SOS Limited’s purchase of Bitcoin aligns with the growing enthusiasm around digital assets.
Fonte: TradingView
The Chinese company views BTC as a core digital asset with strategic importance on a global scale. SOS Limited supports the notion that the asset can play a key role in global reserve strategies.
We believe this investment plan will further enhance the company's overall competitiveness and profitability in the digital asset investment industry, said Yandai Wang, chairman and CEO of SOS.
Public companies are optimistic
Bitcoin acquisitions have been on the rise at publicly traded companies in recent months. Earlier this week, MicroStrategy completed another $5.4 billion round of purchases. This was the third consecutive purchase by Michael Saylor’s company in November alone.
The company has acquired over $16 billion worth of BTC so far this year, extending its lead as the largest holder of the asset across the industry.
The cryptocurrency’s recent surge has also impacted Microstrategy’s stock performance. MSTR is up nearly 450% year-to-date, becoming one of the 100 largest publicly traded companies in the U.S.
Additionally, cryptocurrency miner Marathon Digital recently raised $1 billion through a convertible senior note offering. Most of the funds will be used to buy more Bitcoin.
As such, these major companies seem extremely bullish on BTC’s long-term price. Earlier this week, Pantera Capital projected that the cryptocurrency will hit $740,000 by 2028.
The company previously projected the asset would be worth around $117,000 by August 2025.
The article Company buys US$50 million in Bitcoin and shares soar was first seen on BeInCrypto Brasil.
