SOS Restricted (NYSE:SOS) inventory is up greater than 70% in intraday buying and selling with no particular catalyst to talk of. SOS inventory is seeing dramatically greater quantity as we speak, with 123 million trades and counting thus far as we speak, in contrast with a median every day buying and selling quantity of 11.6 million.
SOS Restricted is a tech firm targeted on emergency rescue companies, working with healthcare suppliers, insurance coverage corporations and monetary establishments, amongst others within the emergency rescue business. SOS Restricted makes use of blockchain and massive information applied sciences to supply marketing and cloud computing services to its partners in the sector. The corporate additionally dabbles in Web of Issues and synthetic intelligence.
SOS inventory was up in buying and selling on Tuesday, Feb. 9 after receiving 5,000 cryptocurrency mining computers ahead of the scheduled delivery date. That is a part of the corporate’s wider plans in blockchain and cryptocurrency, a part of which incorporates capturing “the rising cryptocurrency value,” in accordance with SOS Chairman Yandai Wang.
The corporate additionally introduced on Tuesday the train of practically 24 million American Depository Shares (ADSs) for gross proceeds of approximately $48 million. The corporate mentioned proceeds from that providing would go to growing the cryptocurrency phase of the enterprise, plus working capital and common company use.
These SOS-specific catalysts come towards a background of increased investing interest in cryptocurrencies, each from large-scale institutional gamers and from particular person retail traders. On the latter entrance, Robinhood’s determination to limit buying and selling in closely shorted shares left many Essential Road traders with a nasty style of their mouths. More and more mistrustful of conventional monetary establishments, many are turning to cryptocurrencies and other decentralized finance plays in its place.
On the date of publication, Vivian Medithi didn’t have (both straight or not directly) any positions within the securities talked about on this article.