10:18 AM EST, 11/27/2024 (MT Newswires) -- SOS Ltd. ( SOS ) said Wednesday it plans to invest $50 million to buy Bitcoin.

The decision comes as Bitcoin hovers near $93,000 per coin, with forecasts indicating it could surpass $100,000 by year-end, the company said, adding that it will use quantitative strategies like trading, investing and arbitrage to maximize returns and manage volatility.

Shares of SOS rose more than 60% in recent trading activity.

Price: 11.13, Change: +4.18, Percent Change: +60.14