SOS (NYSE:SOS) Stocks Gallop 65% After Bitcoin Surge

Summary

• On Tuesday morning, February 16, SOS stocks had expanded by about 65 per cent at the time of writing this (10:35AM EST).
• The latest surge in this blockchain-based firm’s stock price comes at the heels of Bitcoin breaching the US 50,000-mark earlier in the day.
• The company had publicized its intentions to “invest heavily in the crypto mining business” earlier in January this year.

Stocks of Chinese enterprise SOS Limited (NYSE:SOS, SOS:US) have been surging for a while now. On Tuesday morning, February 16, the stocks had expanded by about 65 per cent at the time of writing this (10:35AM EST).

The latest surge in this blockchain-based firm’s stock price comes at the heels of Bitcoin breaching the US 50,000-mark earlier in the day. Let’s take a closer look at SOS Limited’s profile to understand its recent performance better.

SOS Limited (NYSE:SOS, SOS:US)

Current Stock Price: US$ 11.5

SOS Limited, which is headquartered in the Qingdao city of China, is an emergency medical care platform provides its customers services using artificial intelligence (AI) block technology as well as satellite communication.

The company had publicized its intentions to “invest heavily in the crypto mining business” earlier in January this year.

©Kalkine Group 2021

SOS stocks have zoomed by roughly 557 per cent over the past one year and by about 461 per cent in the last six months. The scrips catapulted by about 677 per cent this year and by over 278 per cent in February to date.

Some reports claimed that the latest spike in SOS’ stock price comes in the wake of Canadian entrepreneur and Shark Tank investor Kevin O’Leary (aka Mr Wonderful) talking about the company in a recent viral video.

The Chinese enterprise, which is publicly listed on the New York Stock Exchange (NYSE), saw its stocks jump last Tuesday, February 9, after it announced the collection of 5,000 pieces of cryptocurrency mining rigs “ahead of schedule”. SOS had noted in the official release that the equipment is likely help the company make the best of “the rising cryptocurrency price”.

SOS Limited had also declared last week (February 12) that it has signed a deal with “certain accredited investors” to buy American Depositary Shares (ADS) and warrants worth US$ 110 million in a direct at-the-market offering.

On the financial front, SOS projected a revenue growth of 451 per cent year-over-year to US$ 49.5 million for 2020.