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Yet another publicly traded company says it's going all in on Bitcoin—and immediately reaped the benefits.
SOS Ltd, a China-based cloud computing and crypto mining firm, announced on Wednesday morning that it plans to buy $50 million worth of BTC. Within minutes, the company’s stock shot up over 97%, to $13.81, nearly doubling in price.
The NYSE-traded stock, SOS, has since fallen to $12.79—still up 84% on the day.
MicroStrategy Now Holds $40 Billion in Bitcoin—These Are Its Biggest Buys
MicroStrategy, fronted by outspoken Bitcoin bull and Executive Chairman Michael Saylor, added to its sizable Bitcoin holdings Monday, purchasing 21,550 BTC—or $2.1 billion worth. The purchase is the latest in a string of Bitcoin purchases dating back to 2020 when MicroStrategy and Saylor made the strategic decision to allocate capital to the leading cryptocurrency to “maximize long-term value for shareholders.” Since then, the business intelligence firm has reshaped itself into a Bitcoin deve...
“This move highlights SOS Ltd. efforts to expand digital asset investments,” the company said in a statement. “SOS believes Bitcoin is not only a cornerstone of the digital asset ecosystem but also has the potential to become a key global strategic reserve asset.”
In the weeks following Donald Trump’s re-election in the United States, Bitcoin’s price has exploded, reaching a new all-time high price above $99,000 last Friday. This spike has led several publicly traded companies to invest heavily in the world’s top cryptocurrency.
Those moves have already paid off handsomely. Rumble, a right-leaning video streaming platform, announced a $20 million Bitcoin treasury on Monday; the company’s stock is up nearly 17% since last week. Earlier this month, the AI firm Genius Group released plans to buy $120 million worth of the world’s top cryptocurrency, sending its stock soaring 79% on the news.
Rumble Adopts Bitcoin Treasury Strategy, Echoing Moves by MicroStrategy
Publicly listed Rumble Inc, a video-sharing and cloud services provider, announced Monday its board has approved a strategy to allocate up to $20 million of its cash reserves into Bitcoin. Its move aligns with a growing trend of corporate Bitcoin adoption championed by firms like MicroStrategy and Metaplanet Holdings. The Nasdaq-listed company said its diversification strategy underscores its belief in Bitcoin as a hedge against inflation and a tool for long-term value preservation. "We believ...
All of those companies are arguably following the example of MicroStrategy, the decades-old software company which began aggressively buying up digital gold back in 2020. At present, the company owns some $37.6 billion worth of BTC, a treasure trove that constitutes 1.84% of the token’s total potential global supply.
Since buying its first Bitcoin four years ago, MicroStrategy's stock price has ballooned by over 2,397%.
Edited by Andrew Hayward
