Bitcoin
Chinese Firm SOS Makes $50 Million Worth of Bitcoin Purchase
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.
SOS Stock Surges 100% Following its Bitcoin Purchase
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.
Public Companies Are Extremely Bullish on BTC
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.
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