On the 27th (local time), SOS, which operates a bitcoin mining facility in Wisconsin, USA, announced that it had received approval from its board of directors to recognize bitcoin as a store of value and a strategic asset.
"Based on our long-term belief that Bitcoin plays a vital role in the digital transformation of the digital economy, we plan to purchase $50 million worth of Bitcoin," he said.
The company aims to maximize profits and capitalize on market growth in bitcoin investments.
The company plans to leverage investment, trading and arbitrage strategies aimed at mitigating latencies.
"Bitcoin market performance has been driven by the launch of multiple Bitcoin-related ETF options and the U.S.
"The digital asset regulatory environment continues to improve, and the market remains strong due to positive developments," he said.
Ltd (SOS) shares surged nearly 43%, closing at $9.93, and rose nearly 14.5% in over-the-counter trading to $11.36.
However, SOS's stock price has fallen 86.5% this year, and in August the New York Stock Exchange (NYSE) warned that the company might be delisted due to poor performance.
It has also lost virtually all of its value since hitting a high of $84,900 in October 2017.
SOS recently jumped into the Bitcoin frenzy. SOS has been reporting on several companies that have recently purchased Bitcoin.
On the 25th of last month, Rumble, a far-right YouTube alternative platform, announced that it would purchase $20 million worth of Bitcoin, causing its stock price to fall by about 13%.
Genius Group, an artificial intelligence-based education provider, also rose to 1,100 shares earlier this month.
He purchased $10 million in BTC and announced plans to hold up to 90% of his assets in Bitcoin going forward.
2024/11/28 14:48 KST
Copyright(C) BlockchainToday wowkorea.jp 117