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China and Bitcoin: SOS Ltd. buys $50 million and the stock soars on the stock market
By Daniele Corno
SOS Ltd, a Chinese company, invests $50 million in Bitcoin and the stock flies +100% on the exchange. BTC back toward $95k area after dump at $90k
SOS Ltd: record investment in Bitcoin
China likes Bitcoin. Chinese company SOS Ltd (NYSE: SOS) has indeed revealed a $50 million investment plan to buy Bitcoin.
This plan, approved by the Board of Directors, demonstrates the company’s willingness to expand its role in the blockchain and cryptocurrency sector . According to the company also, Bitcoin is a key strategic asset and a long-term store of value.
To maximize returns and mitigate risks, the company intends to adopt advanced trading strategies, including arbitrage and quantitative trading. SOS firmlybelieves that this operation will create added value for shareholders, consolidating its position in the industry. If you want to learn trading-related notions, you can go to our LEARN platform , with free and professional courses to improve your knowledge
Crypto markets: bitcoin dominates, SOS flies
The announcement generated great excitement, leading SOS Ltd’s stock to gain 100 percent in just a few hours, peaking near $15.
The announcement, follows the huge purchase made by Microstrategy. In fact, in the month of November,Michael Saylor’s company purchased more than 130,000 Bitcoins, including 55,500 in the last week alone, for a total value in excess of $12 billion.
This growing institutional interest in Bitcoin is also fueled by a favorable regulatory environment in the United States and the launch of options on Bitcoin-related ETFs. SOS CEO, Yandai Wang, said the investment will improve the company’s competitiveness and profitability in the long term.
Meanwhile, Bitcoin’s price is recovering from the previous days’ dump, returning to the $95,000 area after sinking to the $90,000 round level.
