Upon receiving 5,000 cryptocurrency mining machines and obtaining an endorsement from Kevin O'Leary of the Shark Tank, SOS Limited's stock prices rose to more than $ 15. Bitcoin's rise has not only benefited cryptocurrencies in general, but has brought the crypto market as a whole to new heights. Price developments have led several companies in the industry to see price increases, including Chinese mining company SOS Limited, which also received the endorsement of a famous Shark Tank shark.
Technology company receives 5,000 mining companies
With a membership base of around 20 million in China, SOS is an "emerging provider of solutions and marketing based on blockchain and big data", which recently expanded its services to offer insurance and cryptocurrency mining. earlier this month it received 5,000 mining machines five days ahead of schedule.
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"We ensure a supply of crypto mining equipment that should generate enough hash cryptographic power to allow us to promptly capture the rising price of cryptocurrency." – commented the president of SOS, Yandai Wang.
Separately, the company received significant recognition from Canadian businessman, writer and politician – Kevin O’Leary, also known as Mr. Wonderful. American reality show star Shark Tank said people “care about blockchain and clean energy” and encouraged them to check out SOS Limited. In addition, the firm also announced last week that it had entered into a bond purchase agreement with certain investors accredited to purchase US $ 110 million in American Depositary Shares (ADS) and guarantees in a registered direct offering with a market price under the rules of the New York Stock Exchange.
SOS shares soar
Whether it is the company's developments mentioned or the rising prices within the industry, or perhaps both, the company's stock has skyrocketed since the beginning of the year and especially in the last few weeks. On February 10, the stock traded below $ 4, while it closed at almost triple that yesterday – meaning a 200% increase in seven days. SOS Limited's shares entered 2022 at a price of around $ 1.4. Consequently, it is accumulating more than 750% of gains in the year. In addition, MarketWatch data shows that the stock rose to more than $ 15 in pre-market trading, but fell to around $ 12.5 at the time of writing of that matter.SOS stock chart.