Author: Jesse Coghlan, CoinTelegraph; Compiler: Deng Tong, Golden Finance
China-based financial services group SOS Ltd pledged to buy $50 million worth of Bitcoin, sending its shares up more than 40%.
The company, which operates a Bitcoin mining facility in Wisconsin, noted on November 27 that its board of directors approved the $50 million purchase as part of its “long-term belief in Bitcoin’s role as a store of value and strategic asset.”
It plans to use “investment, trading and arbitrage strategies” in purchasing Bitcoin to “maximize returns and mitigate market volatility.”
“The bitcoin market has performed strongly and is supported by positive developments, such as the launch of multiple bitcoin-related ETF options and the continued improvement of the U.S. regulatory environment for digital assets,” Yandai Wang, chairman and CEO of SOS, said in a statement.
On November 27, shares of SOS Ltd (SOS) closed up nearly 43% at $9.93 and continued to climb nearly 14.5% to $11.36 in after-hours trading.
However, SOS shares are down 86.5% this year — the New York Stock Exchange (NYSE) issued a non-compliance letter in August due to poor performance — and the stock has essentially lost all of its value since peaking at $84,900 in October 2017.
SOS shares hit a high of $15.35 during the trading day on November 27 before closing lower. Source: Google Finance
The cryptocurrency mining company follows a string of companies now seeking to cash in on a windfall from Bitcoin, which has surged about 40% in November, from about $70,000 to its current $100,000, hitting a high of $99,860 on Coinbase on November 24.
On Nov. 25, far-right YouTube site Rumble said it would buy $20 million worth of Bitcoin for its books, a move that pushed its shares up nearly 13%.
Like SOS, Rumble has been plagued by falling stock prices for years as it has struggled to turn a profit. SOS last reported an annual net profit increase in 2020.
Genius Group, an AI-powered education provider also plagued by plummeting stock prices, also deployed Bitcoin earlier this month, spending $10 million to buy 110 Bitcoins, with plans to hold up to 90% of its reserves in Bitcoin in the future.
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