Bitcoin and most alternative coins are not the only crypto-related gainers during the ongoing bull cycle. The price developments have pushed numerous industry companies to see stock increases, including Chinese mining firm SOS Limited, which also received an endorsement from Shark Tank’s Kevin O’Leary.
With a membership base of about 20 million in China, SOS is an “emerging blockchain-based and big data-driven marketing and solution provider,” which recently expanded its services into crypto mining, security, and insurance.
The company announced earlier this month that it had received 5,000 mining rigs five days ahead of schedule. The estimated power provided by the machines could result in BTC hash power of 175P and ETH hash power of 350G.
“We have secured a supply of crypto mining equipment that is expected to generate sufficient crypto hash power to allow us to promptly capture the rising cryptocurrency price.” – commented SOS Chairman Yandai Wang.
Separately, the company received significant recognition from the Canadian businessman, author, and politician – Kevin O’Leary, also known as Mr. Wonderful. The star of the US reality show Shark Tank said that people “care about blockchain and clean energy” and urged them to check out SOS Limited.
Furthermore, the firm also announced last week that it had entered into a securities purchase agreement with certain accredited investors to purchase $110 million worth of its American Depositary Shares (ADS) and warrants in a registered direct offering priced at-the-market under the NYSE rules.
Whether it’s the aforementioned company developments or the surging prices within the industry, or, perhaps, both, the company’s stocks have soared since the start of the year, and especially in the past few weeks.
On February 10th, ADR traded below $4, while it closed at nearly $12 yesterday – meaning a 200% increase in seven days. SOS Limited’s stocks entered 2021 with a price tag of about $1.4. Consequently, it’s more than 750% up year-to-date.
Furthermore, MarketWatch data reveals that the ADR shares have surged to above $15 in pre-market trading, enhancing the gains even more.
The article was first published on: Feb 17, 2021
