Publicly-listed Chinese firm SOS has unveiled its plans to strength its global crypto investment strategy with a $50 million allocation into Bitcoin (BTC). The company looks to bolster its involvement in the blockchain, crypto and commodities trading with the investment. Its Bitcoin purchase plans came after approval from its Board of Directors.
The SOS Bitcoin Bet – Right Timing?
SOS said it believes in potential of Bitcoin as a store of value and a strategic asset. Though it highlighted that the price of Bitcoin now trades at an average price of $93,000 per coin, the favorable US Policy shift is driving its appeal toward the coin.
The company said it also aligns with projections that the price of Bitcoin will surpass the $100,000 mark soon. As revealed, the planned $50 million investment is a complement to its effort to drive long-term value to its shareholders.
This allocation from SOS comes days after MicroStrategy bought 55,500 Bitcoin for $5.4 billion. More institutional investors are beginning to allocate funds to the asset, helping to drive its overall momentum.
This is a developing story, please check back for updates!!!
The post Just In: Chinese Firm SOS To Buy Up To $50M Worth Of Bitcoin appeared first on CoinGape.
