tl;dr
Chinese data mining firm SOS Limited's board of directors has approved a $50 million investment in Bitcoin, employing various trading strategies for the investment. Following the announcement, SOS Limited's share prices surged nearly 100%. The company sees Bitcoin as a key digital asset with global ...
SOS Limited's board of directors approves $50 million Bitcoin investment, leading to a 100% surge in SOS stock prices
Publicly traded companies, including MicroStrategy and Marathon Digital, exhibit bullish sentiment with significant Bitcoin acquisitions
Projections indicate long-term optimism as Pantera Capital forecasts Bitcoin to reach $740,000 by 2028
Chinese data mining firm SOS Limited's board of directors has approved a $50 million investment in Bitcoin, employing various trading strategies for the investment. Following the announcement, SOS Limited's share prices surged nearly 100%. The company sees Bitcoin as a key digital asset with global strategic importance and supports the notion that it could play a pivotal role in global reserve strategies.
Publicly traded companies, including MicroStrategy and Marathon Digital, have been aggressively acquiring Bitcoin, with MicroStrategy leading as the largest Bitcoin holder in the industry. Despite Bitcoin's recent highs, these firms remain extremely bullish on its long-term price, with projections suggesting significant growth in the coming years. Chinese data mining firm SOS Limited’s board of directors has approved a $50 million investment in Bitcoin. The decision was shared on November 27 through the company’s official press release. SOS is planning to use several trading strategies for this investment. This will include quantitative trading, direct investment, and arbitrage strategies.
This announcement comes as Bitcoin has started to recover largely from its earlier liquidation. BTC fell below $91,000 yesterday, its lowest in a week. However, the bullish cycle regained momentum as the largest cryptocurrency surged back to $96,000 today.
Following this news, SOS Limited’s share prices jumped nearly 100% on Wednesday, November 27. The cryptocurrency’s recent surge is driving increased participation from investors globally. SOS Limited’s Bitcoin purchase aligns with the growing enthusiasm around digital assets.
The company views Bitcoin as a key digital asset with strategic importance on a global scale. SOS Limited supports the notion that Bitcoin could play a pivotal 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 sector,” said Yandai Wang, Chairman and CEO of SOS.
Meanwhile, Bitcoin acquisitions have been surging across publicly traded companies in recent months. Earlier this week, MicroStrategy completed another round of Bitcoin purchases worth $5.4 billion. This was the third consecutive BTC purchase from Michael Saylor’s firm in November alone. So far, the firm has acquired over $16 billion worth of BTC this year, extending its lead as the largest Bitcoin holder across the industry.
Bitcoin’s recent highs have also impacted Microstrategy’s stock performance. MSTR surged by nearly 450% YTD, becoming one of the top 100 public companies in the US. Also, crypto miner Marathon Digital recently raised $1 billion through a convertible senior notes offering. As BeInCrypto reported earlier, the lion’s share of this fund will be used to buy more Bitcoin. Despite Bitcoin reaching $99,000 in the current cycle, these major firms seem extremely bullish on BTC’s long-term price. Earlier this week, Pantera Capital projected that the cryptocurrency will reach $740,000 by 2028. The firm previously projected Bitcoin to be around $117,000 by August 2025, and we’re not far from this mark.