SOS Stock Soars As Company Plans $50M Bitcoin Purchase

SOS Limited (NYSE:SOS) shares are trading higher Wednesday after the company announced its board approved a plan to purchase up to $50 million of Bitcoin (CRYPTO: BTC).

What Happened: SOS’s board approved a global crypto investment strategy that involves investing $50 million to buy bitcoin. The initiative underscores the company’s commitment to advancing its blockchain business.

SOS noted that its investment strategy aligns with a more favorable U.S. regulatory environment for crypto and growing institutional support for bitcoin. The company plans to use a variety of quantitative trading strategies to manage its bitcoin holdings, designed to give steady returns.

“Bitcoin market performance is robust and supported by positive developments such as the launch of several Bitcoin-related ETF options and ongoing improvements in the U.S. regulatory environment for digital assets. We believe this investment plan will further enhance the Company’s overall competitiveness and profitability in the digital asset investment sector,” said Yandai Wang, chairman and CEO of SOS.

SOS said it remains committed to delivering long-term value to shareholders through continued investment and technological innovation.

See Also: Jim Cramer ‘Cannot Take So Much Abuse’ After Drawing Ridicule For Bitcoin, Apple Calls — But He’s Not The Only One Touting BTC

How To Buy SOS Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in SOS's case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

SOS Price Action: SOS shares were up 78.1% at $12.38 at the time of publication, according to Benzinga Pro.

Photo: Shutterstock.

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