Author: Jesse Coghlan, CoinTelegraph; Compiler: Deng Tong, Golden Finance

SOS Ltd, a financial services group headquartered in the United States, committed to buying $50 million worth of Bitcoin, and the company’s share price rose by 40% above.

The company, which operates a Bitcoin mining facility in Wisconsin, noted on November 27 that its board of directors approved the $50 million acquisition as part of its “long-term belief in Bitcoin as a store of value and part of “The Role of Strategic Assets”.

It plans to use "investing, trading and arbitrage strategies" when buying Bitcoin to "maximize returns and mitigate market volatility."

SOS Chairman and CEO Yandai Wang said in a statement: "The Bitcoin market is performing strongly and is supported by positive developments, such as the launch of multiple Bitcoin-related ETF options, and the continued improvement of the U.S. digital asset regulatory environment.”

On November 27, SOS Ltd. (SOS) shares closed up nearly 43% to $9.93 and continued to climb nearly 14.5% to $11.36 in after-hours trading.

However, SOS's share price is down 86.5% this year - the poor performance prompted a non-compliance letter from the New York Stock Exchange (NYSE) in August - since reaching its peak in October 2017 The stock has essentially lost all value since its peak of $84,900.

SOS stock price reached a high of $15.35 on the trading day of November 27, and then fell back in closing. Source: Google Finance

The mining company’s foray into cryptocurrencies follows a series of companies now looking to reap windfalls from Bitcoin. Bitcoin surged about 40% in November, from about $70,000 to $100,000 currently, hitting a high of $99,860 on Coinbase on November 24.

On November 25, the far-right YouTube website Rumble said it would purchase $20 million worth of Bitcoin for its books, a move that pushed its stock price up nearly 13%.

Like SOS, Rumble has been plagued by declining share prices for years as it has struggled to achieve profitability. SOS last reported annual net profit growth in 2020.

Genius Group, an artificial intelligence-powered education provider also troubled by the plunge in stock prices, also allocated Bitcoin earlier this month, spending $10 million to buy 110 Bitcoins and plans to Future will hold up to 90% of its reserves in Bitcoin.