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 …
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