SOS Shares Rise After Plan to Invest $50M in Bitcoin

Dow Jones11-27

By Chris Wack

Shares of SOS were up 78% at $12.38 after the company said its board of directors approved a plan to invest $50 million to purchase bitcoin.

The company's stock, which engages in blockchain, cryptocurrency operations and commodity trading, hit its 52-week low of $6.50 on Tuesday, and is down 82% in the past 12 months.

The New York company said the purchases will set bitcoin as a strategic asset for the company.

Bitcoin was trading at 94,669 at 9:45 a.m. ET, after nearly hitting $100,000 earlier in the week. Bitcoin is up 149% in the past 12 months.

SOS said its investment strategy aligns with a "more favorable U.S. policy environment toward digital assets and growing institutional support for bitcoin."

To maximize returns and mitigate market volatility, SOS plans to employ a variety of quantitative trading strategies, including investing, trading and arbitrage strategies.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

November 27, 2024 09:59 ET (14:59 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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