Yet another publicly traded company says it's going all in on Bitcoin—and immediately reaped the benefits.
SOS Ltd, a China-based cloud computing and crypto mining firm, announced on Wednesday morning that it plans to buy $50 million worth of BTC. Within minutes, the company’s stock shot up over 97%, to $13.81, nearly doubling in price.
The NYSE-traded stock, SOS, has since fallen to $12.79—still up 84% on the day.
“This move highlights SOS Ltd. efforts to expand digital asset investments,” the company said in a statement. “SOS believes Bitcoin is not only a cornerstone of the digital asset ecosystem but also has the potential to become a key global strategic reserve asset.”
In the weeks following Donald Trump’s re-election in the United States, Bitcoin’s price has exploded, reaching a new all-time high price above $99,000 last Friday. This spike has led several publicly traded companies to invest heavily in the world’s top cryptocurrency.
Those moves have already paid off handsomely. Rumble, a right-leaning video streaming platform, announced a $20 million Bitcoin treasury on Monday; the company’s stock is up nearly 17% since last week. Earlier this month, the AI firm Genius Group released plans to buy $120 million worth of the world’s top cryptocurrency, sending its stock soaring 79% on the news.
All of those companies are arguably following the example of MicroStrategy, the decades-old software company which began aggressively buying up digital gold back in 2020. At present, the company owns some $37.6 billion worth of BTC, a treasure trove that constitutes 1.84% of the token’s total potential global supply.
Since buying its first Bitcoin four years ago, MicroStrategy's stock price has ballooned by over 2,397%.
Edited by Andrew Hayward