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Home»Blockchain»Chinese Blockchain Company SOS Plans $50 Million Bitcoin Purchase
Blockchain

Chinese Blockchain Company SOS Plans $50 Million Bitcoin Purchase

November 30, 2024No Comments2 Mins Read
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Key takeaways

  • SOS Ltd. authorized a $50 million Bitcoin purchase in response to record prices.
  • The company aims to improve its competitiveness by using quantitative trading strategies.

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SOS Ltd., a blockchain and commodities trading company, announced that its board of directors has approved a $50 million Bitcoin purchase plan.

The announcement, coupled with Bitcoin’s resilience, sparked a 100% surge in SOS stock.

Bitcoin had approached $100,000 last week, but a drop of nearly 9% left the market fearing further declines.

Even though Bitcoin fell below $92,000 earlier this week, it is up 3% today, trading at $95,000.

SOS recognized Bitcoin’s potential despite the recent decline, boosting investor confidence in its strategy.

The Company plans to implement various quantitative trading strategies, including investment, trading and arbitrage approaches, to manage market volatility.

“Bitcoin market performance is robust and supported by positive developments such as the launch of several Bitcoin-related ETF options and continued improvements in the U.S. regulatory environment for digital assets,” said Yandai Wang, Chairman and CEO general of SOS.

The investment decision reflects SOS’s vision of Bitcoin as both a store of value and a strategic asset.

The company’s strategy aligns with increased institutional support for digital assets and an improving U.S. regulatory landscape for crypto assets.

SOS operates in several sectors, including blockchain operations and commodity trading through its subsidiary SOS International Trading Co., Ltd.

The company also operates a cloud platform for emergency rescue services, leveraging technologies such as blockchain, artificial intelligence and 5G networks.

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