Chinese company announces purchase of US$$ 50 million in Bitcoin

Flags of China, USA and Bitcoin coins.

SOS Limited, a Chinese company listed on the New York Stock Exchange (NYSE), announced this Wednesday (27) the purchase of US$$ 50 million in Bitcoin. Its shares are up 95% after the announcement.

Formerly known as China Rapid Finance Ltd, the company works on four fronts, including commodity trading, insurance solutions, cryptocurrency mining and call center services. Founded in 2005, SOS Ltd. employs 181,000 people.

The interest in buying Bitcoin comes as OKG Research, also from China, highlights that only 0.01% of public companies hold Bitcoin. In the text, the company states that we are only at the “tip of the iceberg”.