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.
Strategy Now Holds $43 Billion in Bitcoin—These Are Its Biggest Buys
Strategy, fronted by outspoken Bitcoin bull and Executive Chairman Michael Saylor, added to its sizable Bitcoin holdings Monday with the purchase of 20,356 BTC—or approximately $2 billion worth. The purchase is the latest in a string of Bitcoin purchases dating back to 2020, when Strategy (formerly MicroStrategy) and Saylor made the strategic decision to allocate capital to the leading cryptocurrency to “maximize long-term value for shareholders.” Since that time, the business intelligence firm...
“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.
Rumble Adopts Bitcoin Treasury Strategy, Echoing Moves by MicroStrategy
Publicly listed Rumble Inc, a video-sharing and cloud services provider, announced Monday its board has approved a strategy to allocate up to $20 million of its cash reserves into Bitcoin. Its move aligns with a growing trend of corporate Bitcoin adoption championed by firms like MicroStrategy and Metaplanet Holdings. The Nasdaq-listed company said its diversification strategy underscores its belief in Bitcoin as a hedge against inflation and a tool for long-term value preservation. "We believ...
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
