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SOS Limited (NYSE: SOS) is a multifaceted company leveraging the power of big data to provide innovative marketing solutions while actively participating in blockchain and cryptocurrency operations, as well as commodity trading. Founded with the vision of harnessing advanced technologies, SOS has diversified its product offerings across four main areas: commodity trading, insurance marketing, cryptocurrency mining, and other services. The company operates through three key segments: Commodity trading, Cryptocurrency mining, and Others.
Commodity Trading: The backbone of SOS's revenue, generating 90.5% of its total income, involves trading in major commodities such as mineral resin, soybeans, wheat, sesame, liquid sulfur, petrol coke, and latex. Facing a significant demand dip due to economic challenges in China, the company continues to navigate through global price surges in commodities and energy.
Cryptocurrency Operations: SOS has expanded swiftly within the realm of blockchain and cryptocurrency. The company has deployed over 8,000 mining rigs and entered into hosting agreements, bolstering its monthly revenues. Despite a volatile market, it continues to mine Bitcoin and Ethereum, capitalizing on price increases and improving operational efficiencies.
Recent Developments:
- In August 2023, SOS launched over 5,000 mining rigs in Texas and entered a Hosting Agreement with BITMAIN, enhancing its North American presence.
- In January 2024, the company added 1,500 super-computing mining rigs in Texas and secured a hosting contract with Grand Flourish Inc.
- March 2024 saw SOS's North American operations producing 29.434 BTC and generating $5 million in hosting revenues.
Financial Highlights: The company's financial landscape has seen fluctuations with a notable decline in revenue from $260 million in 2022 to $92.4 million in 2023, primarily due to the recession in China and disposal of its data mining operations. However, revenue from cryptocurrency mining surged from $0.33 million to $18.9 million during the same period, underscoring the company's strategic pivot.
Future Outlook: With a robust cash reserve of $279.2 million as of December 31, 2023, SOS plans to continue its growth trajectory by investing in cloud cryptocurrency mining, security, and insurance, alongside maintaining a strong foothold in commodity trading. As the company pushes through its North American growth strategy, it aims for an increased operational footprint and sustained revenue growth.
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SOS Limited (NYSE: SOS) has entered a three-year agreement with Leibodong Hydropower Station for leasing space to host crypto mining rigs in Luzhou, Sichuan. The deal covers approximately 1,350 square meters, accommodating around 3,500 mining rigs, at a rental cost of RMB 3.50 (about $0.54) per square meter per month. SOS aims to utilize cost-effective electricity and enhance its cloud crypto mining operations, emphasizing sustainable energy resources. This partnership aligns with SOS's expansion plans into cryptocurrency and big data solutions.
SOS Limited (NYSE: SOS) announced that accredited investors exercised warrants to purchase up to 23,880,000 American Depositary Shares (ADSs) at $4.05 each, expected to yield approximately $96.7 million in gross proceeds. These proceeds will support SOS's cloud cryptocurrency mining, security, and insurance business, as well as general corporate purposes. Additionally, new unregistered warrants for the purchase of up to 23,880,000 ADSs at $7.00 each will be issued, valid for five years. The offering was made under regulations exempting it from SEC registration.
SOS Limited (NYSE: SOS), based in Qingdao, China, announced on February 24, 2021, the receipt of 5,000 crypto mining rigs. These rigs are expected to generate approximately 175P of BTC Hash Power and 350G of ETH Hash Power, with a promising long-term ROI anticipated despite recent cryptocurrency price fluctuations. Chairman Yandai Wang remains optimistic about the upward trend in cryptocurrency values, citing institutional investor support. The company aims to expand its blockchain and cryptocurrency initiatives, supported by a significant membership base in China.
SOS Limited (NYSE: SOS) has announced the launch of 5000 crypto mining rigs, operational since February 23, 2021. These rigs are expected to generate approximately 175P of BTC hash power, with a significant potential ROI if performance aligns with expectations. Chairman Yandai Wang expressed optimism over rising institutional interest in cryptocurrencies like BTC and ETH, indicating plans for more cloud mining pools. SOS is a blockchain-focused company with a client base of around 20 million in China, and it is expanding its business into cryptocurrency mining and security.
SOS Limited (NYSE: SOS) has entered into a securities purchase agreement for a registered direct offering, raising $86 million by selling 8.6 million American Depositary Shares (ADS) and warrants. Each ADS and warrant is priced at $10.00, with the warrants exercisable immediately and expiring in five years. The company plans to use the proceeds for its cloud cryptocurrency mining venture and for general corporate purposes. The offering is expected to close around February 22, 2021.
SOS Limited (NYSE: SOS) has entered into a securities purchase agreement to raise $110 million through the sale of 22 million American Depositary Shares (ADS) and 16.5 million warrants. Each ADS is priced at $5.00, with warrants exercisable immediately and expiring in five years. The offering is expected to close by February 17, 2021. Proceeds will support the company's blockchain-based security and insurance technology and general corporate purposes. Maxim Group LLC is acting as the placement agent for the offering.
SOS Limited (NYSE: SOS) announced the early receipt of 5,000 cryptocurrency mining rigs on February 9, 2021, five days ahead of schedule. This first batch is expected to generate approximately 175P of BTC hash power and 350G of ETH hash power. With current cryptocurrency market trends, the annual ROI could be significant. The seller confirmed sufficient inventory for future shipments. SOS aims to expand its business into cryptocurrency mining, enhancing its position in the blockchain technology sector.
SOS Limited (NYSE: SOS) announced that accredited investors will exercise warrants to purchase up to 23,880,000 American Depositary Shares (ADSs) at $2.00 each, raising approximately $48 million before fees. The warrants, exercisable into 23,880,000 ADSs at $4.05 each, have a five-year term. Proceeds will fund SOS's blockchain-based cryptocurrency mining, security and insurance technology, and general corporate use. Maxim Group LLC serves as the exclusive financial advisor. The ADSs are registered under SEC regulations, and a registration statement for resale will be filed.
SOS Limited (NYSE: SOS) announced a framework agreement with Leibodong Hydropower Station in Sichuan Province to secure electricity for its cloud crypto mining center. Leibodong offers competitive electricity rates between 0.22-0.38 kW/h, essential for cost-effective cloud mining operations. Expected to begin installation of mining equipment around February 14, 2021, this partnership aims to leverage abundant renewable energy resources in Southwest China. The power station has a capacity of 25,000 KW and generates approximately 99.8 million KW/h annually, aiding SOS's long-term strategy for sustainable energy sourcing.
SOS Limited (NYSE: SOS) announced the successful completion of initial steps in its blockchain strategy, developing advanced security systems, all registered with the PRC Copyright Protection Center. The company holds nearly 100 software copyrights and four certifications related to cloud computing and blockchain. A new subsidiary, Qingdao SOS Digital Technologies Inc., focuses on cryptocurrency and blockchain-based insurance research. Management plans to invest 15% of revenue into R&D, expecting over 10% annual growth in the budget for the next five years.
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