30s Summary

Chinese financial firm, SOS Ltd, saw a 40% rise in shares after committing to a $50 million Bitcoin purchase. The company has a Bitcoin mine in Wisconsin and plans to use its Bitcoin investments for future returns. Despite this increase, SOS shares have dropped 86.5% this year, leading to a warning from the New York Stock Exchange. Other struggling companies such as Rumble and Genius Group are also investing in Bitcoin for future profits.

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SOS Ltd, a major financial firm based in China, saw its shares skyrocket more than 40% after it committed to buying $50 million worth of Bitcoin. It seems they’re hopping on the Bitcoin bandwagon, like many other companies recently, as the digital currency keeps rising.

Run by guys who know their stuff, SOS Ltd has a Bitcoin mining spot out in Wisconsin. They’ve given the thumbs-up on this big purchase of Bitcoin, seeing it as a smart move for the long haul. They believe Bitcoin is a great way to keep value over time and it’s a strategic part of their plan.

They want to use savvy investment moves with their new Bitcoin stash, so they can make the most returns and smooth out any market bumps along the way.

Speaking about it, SOS’s big boss, Yandai Wang, mentioned how well Bitcoin is doing. He talked about all the great things going for it, like new trading options and better regulations in the US.

As the market closed on November 27, the company’s shares (SOS) ended up almost 43% higher at $9.93, and kept rising even more in after-hours trading, reaching $11.36. This info comes from what Google Finance tells us.

It hasn’t all been smooth sailing for SOS though, their shares have dropped 86.5% this year. This even got them a warning letter from the New York Stock Exchange back in August because they weren’t doing so well. Basically, their shares have lost all their value since they hit their highest point of $84,900 back in October 2017.

They’re not the first to get into Bitcoin though, as a bunch of other firms want to jump in, too. Bitcoin’s been on fire this month, going up around 40% from $70,000 and flirting with $100,000.

Just recently, Rumble, a YouTube alternative, announced they’d buy $20 million worth of Bitcoin, which boosted their stock nearly 13%.

Like SOS, Rumble’s had the value of their stock go down over the years as they struggled to start making a profit. The last time SOS saw an increase in their yearly net income was in 2020.

Another company, Genius Group, that’s been having a tough time with their share price falling is also investing in Bitcoin, with a $10 million purchase.

SOS Ltd didn’t immediately have anything to say when asked for comment.