As a seasoned crypto investor with over two decades of experience in the financial markets, I must admit that the recent announcement by SOS Limited to purchase up to $50 million worth of Bitcoin (BTC) has piqued my interest significantly. The strategic move by this China-based company aligns with my long-held belief that Bitcoin represents a promising global store of value and a lucrative investment opportunity.
A Chinese firm, SOS Limited, intends to utilize Bitcoin as a means to enhance its investment holdings and capitalize on the rapidly expanding digital currency market.
In simple terms, Yandai Wang, who is both CEO and chairperson of publicly listed company SOS, announced that they have received approval from their board to invest up to $50 million in Bitcoin (BTC). Wang expressed that SOS has a long-term conviction in Bitcoin as a valuable strategic asset and a global storehouse for wealth.
The announcement about creating an emergency BTC reserve underscores the company’s underlying argument, and at the same time, increases their investment in digital assets, potentially raising profits, according to a press release on November 27th.
The growth and stability of the Bitcoin market are boosted by optimistic advancements, including the debut of various Exchange Traded Funds tied to Bitcoin and continuous enhancements in the legal landscape for cryptocurrencies within the United States.
Yandai Wang, SOS CEO and chairman
Bitcoin reserve trend
SOS Limited has become part of an expanding group of companies worldwide, including Singapore-based Genius Group, that are choosing to hold Bitcoin as a reserve asset in their portfolios. Notably, Genius Group made its initial Bitcoin investment worth $120 million on November 12th, and subsequently increased this by another $14 million purchase just a few days later, further bolstering its Bitcoin reserves.
In early April, Metaplanet based in Tokyo began purchasing Bitcoin (BTC), shifting towards non-traditional investments. Similar to MicroStrategy, this entity secured funds through borrowing and selling stocks to support their BTC acquisition. As of November 19, they held more than 1,421 BTC, which was worth over $104.5 million.
It’s been mentioned that the Japanese corporation, Remixpoint, has been directing funds towards the accumulation of Bitcoin within their business holdings.
JUST IN: 🇯🇵 Japanese public company Remixpoint announces to buy ¥500 million worth of #Bitcoin
— Bitcoin Magazine (@BitcoinMagazine) November 27, 2024
The news indicates an increasing number of private businesses are gravitating towards Bitcoin, the world’s largest cryptocurrency. Michael Saylor’s company, MicroStrategy, is at the forefront as the most recognized corporate Bitcoin holder. Since adopting a bold Bitcoin strategy in 2020, MicroStrategy has invested over $21 billion in Bitcoin and claims more than $15 billion in potential profits from these holdings.
Countries worldwide followed suit with Bitcoin (BTC), and the United States, led by President-elect Donald Trump, began working towards establishing a strategic reserve. It’s possible that an executive order from the White House or a bill proposed by Senator Cynthia Lummis in Congress could see this policy implemented as early as 2025.
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2024-11-27 19:36