Publicly traded Chinese corporation, SOS, has made a decision to acquire $50 million worth of Bitcoin, as the global appeal of the cryptocurrency continues to increase.
SOS, a publicly traded Chinese company, intends to enhance its global crypto investment strategy by investing $50 million in Bitcoin (BTC).
The investment will increase the company’s involvement in trading commodities, crypto, and blockchain. It obtained consent from its Board of Directors to implement its Bitcoin acquisition strategy.
SOS Bitcoin Bet: Is the Timing Right?
SOS expressed its conviction in the potential of Bitcoin as a strategic asset and a store of value. The favorable US policy shift is propelling the appeal of Bitcoin even though the price currently trades at an average of $93,000 per coin.
The company also stated that it agrees with the projections that the price of Bitcoin will shortly surpass $100,000. As previously disclosed, the $50 million investment is intended to serve as an adjunct to the company’s endeavor to generate long-term value for its shareholders.
This allocation from the firm occurred just days after MicroStrategy acquired 55,500 Bitcoin for $5.4 billion. The asset’s overall momentum is bolstered by institutional investors’ increasing allocation of funds.
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