Following the leading crypto’s skyrocketing value throughout this year, a publicly traded Chinese company, SOS, is planning to buy $50 million worth of Bitcoin. Indeed, the company is set to “strengthen global crypto investment” strategies through the acquisition of the digital asset.
Similar BTC purchasing plans have been transformative for companies like MicroStrategy (MSTR). The Michael Saylor-led firm has made its acquisition plan of the leading cryptocurrency a vital part of its operations. Moreover, it only added to that this week, when it purchased another $5.4 billion worth of the asset.
Also Read: Can Bitcoin Reach $100k in November 2024?
SOS Becomes Latest Company to Introduce Bitcoin Acquisition Plan
There is no denying that 2024 has been the biggest year for crypto yet. Moreover, Bitcoin has seemingly been the rising tide that has lifted all boats. Although the asset has corrected in recent days, it is still on an unprecedented winning streak. Steadied at a price above $94,000, the token is up more than 156% over the last 30 days, according to CoinMarketCap.
Its skyrocketing value in November has led an increased number of firms following in the footsteps of MicroStrategy and implement their own purchasing strategy. The latest to make such a move is SOS, a publicly traded Chinese company that has planned to buy $50 million worth of Bitcoin.
Also Read: Hong Kong’s ZA Bank Rolls Out Trading for Bitcoin and Ethereum
According to a press release, the company has seen its board of directors approve the acquisition plan. “This initiative underscores SOS’s commitment to advancing its blockchain business and solidifies the company’s long-term belief in Bitcoin’s role as a store of value and a strategic asset,” the company announced.
The leading crypto breached the $99,000 level for the first time ever just a week ago. However, that may just be the start. Experts are projecting the asset to easily surpass $100,000 at some point in the near future. With Donald Trump emerging victorious in the 2024 presidential election, all eyes are on more favorable legislation in the US.
That could be massive for the asset. Therefore, 2025 is expected to be a year of new all-time marks for the crypto. With companies like SOS setting forth acquisition plans now, they could reap monumental rewards at the midpoint of the coming year.
