Chinese data miner SOS’ stock surges 100% after board approves $50 million Bitcoin investment Chinese data miner SOS’ stock surges 100% after board approves $50 million Bitcoin investment
SOS Limited's $50 million Bitcoin investment reflects growing corporate faith in the flagship crypto's ability to serve as a reserve asset.
2 min read
Updated: Nov. 27, 2024 at 8:56 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
SOS Limited, a Chinese data mining and technology company, announced on Nov. 27 that its board has approved a $50 million investment in Bitcoin (BTC) to diversify its assets and capitalize on the flagship crypto’s growing strategic significance.
The company disclosed that it plans to implement various strategies for the investment, including direct acquisition, quantitative trading, and arbitrage. SOS described Bitcoin as a “key digital asset” with the potential to play a significant role in global reserve strategies.
Following the announcement, SOS Limited’s shares skyrocketed nearly 100% on Nov. 27, reflecting heightened investor enthusiasm. The company attributed the decision to its confidence in Bitcoin’s long-term potential to enhance competitiveness and profitability in the digital asset space.
Bitcoin has been on a volatile trajectory since breaking into price discovery amid the US elections. After dropping to $91,000 earlier this week — its lowest point in seven days — it rebounded to $97,000 on Nov. 27, signaling a resurgence in the broader cryptocurrency market.
Corporate Bitcoin acquisitions
SOS Limited joins a growing list of publicly traded companies adding Bitcoin to their treasuries. MicroStrategy, led by outspoken Bitcoin advocate Michael Saylor, started this trend and has profited nearly $10 billion on its holdings.
The firm recently completed a $5.4 billion Bitcoin purchase in November, marking its third acquisition this month. The company has amassed over $16 billion in Bitcoin this year, solidifying its position as the largest corporate holder of the crypto.
Similarly, crypto mining firm Marathon Digital raised $1 billion through a convertible note offering this month, with plans to allocate a significant portion to Bitcoin purchases.
Despite Bitcoin nearing $99,000 this cycle, many analysts and firms remain optimistic about its long-term growth. Pantera Capital recently projected Bitcoin could reach $740,000 by 2028 while setting a shorter-term target of $117,000 by mid-2025.
Strategic Vision
In its statement, SOS Limited highlighted its belief that Bitcoin represents a transformative opportunity for businesses and economies.
SOS Limited Chairman and CEO Yandai Wang said:
“We believe this investment will further enhance the company’s overall competitiveness and profitability in the digital asset investment sector.”
The company’s move signals increasing confidence in Bitcoin’s ability to function as a global reserve asset, even as the flagship crypto’s price remains highly volatile.
The surge in SOS Limited’s stock illustrates growing investor optimism about Bitcoin-related initiatives by public companies. This trend reflects a broader shift toward the mainstream adoption of cryptocurrencies as integral components of financial portfolios and corporate strategies.
Mentioned in this article
Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
MicroStrategy
MicroStrategy (Nasdaq: MSTR) is a worldwide leader in enterprise analytics and mobility software.
Pantera Capital
Pantera Capital is an investment firm focused exclusively on ventures, tokens, and projects related to blockchain tech, digital currency, and crypto assets..
Marathon Digital
Marathon Digital Holdings is a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets.
Michael Saylor is the Executive Chairman, founder, and principal shareholder of MicroStrategy.
