What happened
So what
Popular cryptocurrency mining company SOS Limited ( NYSE:SOS) saw some pretty terrifying turbulence today, closing down 30.8%. Shareholders appear to be issuing an SOS signal with this stock, sending shares toward their 52-week low.
Now what
For a growth-oriented company like SOS, such capital raises are a good thing. Indeed, cryptocurrency miners typically seek out such equity investments to fund their growth.
When was SOS formed?
Sure, this $90 million in capital could help accelerate the overall hash rate and mining capacity of SOS. There's reason to be bullish on this company, from a long-term perspective.
How much has Bitcoin gained in YTD?
According to a March 3 SEC filing , SOS was initially “formed in Delaware on July 12, 2004 as China Risk Finance LLC. We began our credit analytics service provider business in 2001… On April 28, 2017, our ADSs commenced trading on the NYSE under the symbol XRF… In the third quarter 2018… [we] started to transition our business to other industries.”
Is SOS a cryptocurrency?
Bitcoin (CCC: BTC-USD) and other cryptos are have been seeing new record highs in recent days. For instance, year-to-date (YTD) Bitcoin has gained over 91% and its market capitalization has passed $1 trillion. For most crypto miners, their share prices have become somewhat of a proxy for cryptocurrencies.
