Why SOS Limited Stock Soared Today
Shares of SOS Limited (NYSE: SOS) soared on Monday after the company announced its second shipment of cryptocurrency mining machines has been installed. Considering Bitcoin (CRYPTO: BTC) hit all-time highs over the weekend, investors are excited about what these new mining rigs can do for the company. As of 11 a.m. EDT today, SOS stock was up 23%.
SOS has been transitioning away from its traditional business of providing lenders with consumer credit data, and toward blockchain and cryptocurrency opportunities. In February, it deployed 5,000 mining rigs for Bitcoin and Ether (CRYPTO: ETH), the tokens native to the Ethereum blockchain network. Today's announcement doubles this to 10,000 total mining rigs in operation.
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Source Fool.com
