Chinese Firm SOS Makes $50 Million Worth of Bitcoin Purchase
The board of directors of Chinese data mining company SOS Limited has approved a $50 million investment in Bitcoin. The decision was announced on November 27 via the company’s official press release.
SOS plans to use a variety of trading strategies in this investment. This will include quantitative trading, direct investing and arbitrage strategies.
SOS shares surge 100% after buying Bitcoin
this announcement Bitcoin has begun to largely recover from its liquidation in advance. BTC fell below $91,000 yesterday, hitting a new weekly low. However, the bullish cycle regained momentum as the largest cryptocurrency surged to $96,000 today.
Shares in SOS Limited rose nearly 100% on Wednesday, November 27 following the news. The recent surge in cryptocurrencies is driving increased participation from global investors. SOS Limited’s purchase of Bitcoin is in line with the growing enthusiasm for the digital asset.
The company views Bitcoin as a key digital asset of strategic importance globally. SOS Limited supports the view that Bitcoin can play a key role in global reserve strategies.
Wang Yandai, chairman and CEO of SOS, said: “We believe that this investment plan will further enhance the company’s overall competitiveness and profitability in the field of digital asset investment.”
Listed companies are extremely bullish on Bitcoin
Meanwhile, Bitcoin acquisitions by public companies have surged in recent months. Earlier this week, MicroStrategy completed another round Bitcoin purchases worth $5.4 billion. This is the third consecutive Bitcoin 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 Bitcoin leader. Largest Bitcoin holders The entire industry.
Bitcoin’s recent highs have also impacted Microstrategy’s stock performance. MSTR surges nearly 450% year to date, becoming one of the Top 100 U.S. Public Companies.
Additionally, crypto miners Marathon Digital recently raised $1 billion Issued through convertible senior notes. As BeInCrypto reported earlier, the majority of the fund will be used to Buy more Bitcoin.
Despite Bitcoin reaching $99,000 in the current cycle, these major companies appear to be extremely bullish on BTC’s long-term price. Earlier this week, Pantera Capital predicted that cryptocurrencies will Reaching $740,000 by 2028.
The company had previously expected Bitcoin price is around $117,000 By August 2025, we are not far from this goal.
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