SOS Stock: 8.68% Increase Explanation

By Amit Chowdhry ● April 20, 2021
  • The stock price of Sos Ltd (NYSE: SOS) increased by 8.68% today. This is why it happened.

The stock price of Sos Ltd (NYSE: SOS) increased by 8.68% today as it went from a previous close of $3.98 to $4.32. Investors are responding positively to SOS Limited announcing that the company has entered into an agreement to purchase 575 cryptocurrency ETH mining rigs. And under the terms of the agreement, Sos is expected to obtain approximately 400 GH of ETH hash rate. The mining rigs are expected to be delivered on or about April 30, 2021.

This purchase is another step in implementing SOS’ cryptocurrency mining strategy. And Sos is pleased it has been able to secure mining capacity during this global mining equipment shortage.

KEY QUOTE:

“We are optimistic about the future of cryptocurrencies and Ethereum in particular. This is part of our overall strategy to develop blockchain-based environments and services and which will be a core part of our growth in 2021 and beyond.”

— Yandai Wang, CEO of SOS

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.