SOS Ltd stock price soared 40% after a $50M worth of Bitcoin purchase news
2024-11-28

SOS Ltd, a data mining and analysis service provider from China has just witnessed a jump of more than 40% after it promised to purchase $50 million worth of Bitcoin. It added a new milestone to the list of companies willing to purchase cryptocurrencies. 
On November 27, the company announced that its board of directors agreed to buy $50 million as a part of its long-term reliance on the role of Bitcoin as a store of value and a strategic asset. The company has plans to use investing, trading, and arbitrage strategies with purchasing Bitcoin to increase returns and reduce market volatility. 
The chief executive officer and chairman of SOS, Yandai Wang revealed his opinion and stated that “Bitcoin market performance is strong and backed by positive developments like the introduction of various Bitcoin-related ETF options and continuing improvements in the United States regulatory environment for virtual assets. The underperformance of the company 
The data from Google Finance reveals that on November 27, The shares of the company proximate at about 43% and stood at $9.93 and carried on to jump 14.5% in after-hours trading to $11.36. At the same time, the shares were overall 86.5% down in 2024.
After being down this year, the firm receives a noncompliance letter from the New York Stock Exchange (NYSE) in August for its underperformance. The stock witnessed its peak in October 2017 when it stood at $84,900 and since then it has lost the majority of its value. In 2020, it again showed a significant yearly net income gain. 
The trailing crypto miner walks on the path of firms seeking to come into a lucky break from Bitcoin, which has plunged about 40% this month starting from $70,000 and now hovering at $100,000. On November 24, it has also witnessed a high of $99,860. Another platform affected by the Bitcoin purchase news 
On Monday, the rights management video platform revealed that it would purchase $20 million worth of Bitcoin which will be used for its books. Due to this announcement, the stock went up by about 13%. Similar to SOS, Rumble has also been bothered by a trailing stock price for some past years as it contended to attain profitability. 
Moving forward, Genius Group, a focused entrepreneurship education provider backed by AI also got bothered by a freefall share price. In November, it purchased 110 Bitcoin worth of $10 million and is planning to have a Bitcoin reserves to hold up to 90% Bitcoin. 
At the same time, talking over the matter, SOS has not given any response to a request for comment to any media. 