Chinese data mining firm SOS Limited’s board of directors has approved a $50 million investment in Bitcoin. The decision was shared on November 27 through the company’s official press release.

SOS is planning to use several trading strategies for this investment. This will include quantitative trading, direct investment, and arbitrage strategies.

SOS Stock Surges 100% Following its Bitcoin Purchase

This announcement comes as Bitcoin has started to recover largely from its earlier liquidation. BTC fell below $91,000 yesterday, its lowest in a week. However, the bullish cycle regained momentum as the largest cryptocurrency surged back to $96,000 today. 

Following this news, SOS Limited’s share prices jumped nearly 100% on Wednesday, November 27. The cryptocurrency’s recent surge is driving increased participation from investors globally. SOS Limited’s Bitcoin purchase aligns with the growing enthusiasm around digital assets.

The company views Bitcoin as a key digital asset with strategic importance on a global scale. SOS Limited supports the notion that Bitcoin could play a pivotal role in global reserve strategies.

“We believe this investment plan will further enhance the Company’s overall competitiveness and profitability in the digital asset investment sector,” said Yandai Wang, Chairman and CEO of SOS. 

Public Companies Are Extremely Bullish on BTC

Meanwhile, Bitcoin acquisitions have been surging across publicly traded companies in recent months. Earlier this week, MicroStrategy completed another round of Bitcoin purchases worth $5.4 billion.  This was the third consecutive BTC purchase from Michael Saylor’s firm in November alone. 

So far, the firm has acquired over $16 billion worth of BTC this year, extending its lead as the largest Bitcoin holder across the industry. 

Bitcoin’s recent highs have also impacted Microstrategy’s stock performance. MSTR surged by nearly 450% YTD, becoming one of the top 100 public companies in the US. 

Also, crypto miner Marathon Digital recently raised $1 billion through a convertible senior notes offering. As BeInCrypto reported earlier, the lion’s share of this fund will be used to buy more Bitcoin. 

Despite Bitcoin reaching $99,000 in the current cycle, these major firms seem extremely bullish on BTC’s long-term price. Earlier this week, Pantera Capital projected that the cryptocurrency will reach $740,000 by 2028. 

The firm previously projected Bitcoin to be around $117,000 by August 2025, and we’re not far from this mark. 

From its peak of $99,531 on November 23rd, Bitcoin, the world’s leading digital asset, is now trading at the $92k to $93k level, prompting many to speculate that its historic price run has ended. However, for CryptoQuant CEO Ki Young Ju, the alpha coin’s current price action isn’t a cause for concern.

In a Twitter/X post, Ki Young shared that Bitcoin’s retail investors are not yet in “FOMO” (fear of missing out) mode. The current retail action, he says, doesn’t indicate signs of excessive excitement or panic.

Ki Young explained that there’s still a surge of trading activities across markets for spots, futures, and exchanges.

Retail Investors Feeling The ‘FOMO’ In Meme Coins?

In a Twitter/X post last November 26th, Ki Young argued BTC retail investors are not yet feeling the excitement of missing out. Market indicators, he says, point to neutral market sentiment, the same position it has held since April when the top digital asset traded at $64,000.

#Bitcoin retail investors aren’t in FOMO yet. pic.twitter.com/DiGcChyNWt

— Ki Young Ju (@ki_young_ju) November 26, 2024

During the last Bitcoin bill run, the retail market’s FOMO reached its high in January 2021 when the asset was trading over $30,0000, pushing the price to an all-time high of $69,000.

Although Bitcoin retested the $100k mark many times last week, market observers say that retail investors still need to invest heavily.

Recent Price Dips Due To Macro Environment

According to observations from QCP Capital, Bitcoin’s successive price dips can be attributed to the existing macro environment. Plenty of factors now prevent Bitcoin from continuing its push towards $100k.

According to the QCP Capital, Bitcoin is facing pressure from the possible release of economic data like FOMC minutes and the PCE report. Also, Bitcoin was overbought following a whirlwind price action after the US elections.

No Need To Worry?

However, QCP Capital pointed out that it is not a cause for concern and that sentiment for digital assets remains bullish.

Based on on-chain data, millions of USD were liquidated in the last 24 hours, and about $438 million in ETF outflows were recorded last November 25th.

2/ No immediate catalysts: With U.S. holidays approaching and major economic data like tonight’s FOMC minutes and tomorrow’s PCE report, the market lacks momentum to push #BTC toward $100K. #BTC was extremely overbought post-election, making a cooldown inevitable.

— QCP (@QCPgroup) November 26, 2024

For the CryptoQuant CEO, market participation isn’t slowing down. According to market indicators, trading is booming in all exchanges, markets, and tickets. Based on CryptoQuant’s analysis, retail investors feel the “FOMO” on meme coins, particularly Dogecoin.

Featured image from CNBC, chart from TradingView

Pantera Capital has forecasted that Bitcoin could hit $740,000 by April 2028. The firm recently announced a milestone for its Bitcoin Fund, which has achieved a remarkable 1,000x return. 

The fund’s lifetime performance now stands at 131,165%, net of all fees and expenses.

Launched in 2013, Pantera’s Bitcoin Fund was among the first investment vehicles in the US to offer exposure to Bitcoin. At that time, Bitcoin was priced at $74. The firm capitalized on this and acquired 2% of the global Bitcoin supply. 

However, BTC reached the $99,000 mark earlier this month, which means Pantera’s return on the initial 2013 investment is currently worth over 1,000%. 

“Bitcoin dominates cash, electronic fiat money, gold, bearer bonds, large stone discs, etc.  It can do all of the things that each of those can.  It’s the first global currency since gold.  It’s the first borderless payment system ever,” Pantera Capital’s Dan Morehead wrote in the latest statement. 

Pantera Capital previously projected Bitcoin’s price to reach $117,000 by 2025. 

Meanwhile, Pantera has been exploring new crypto avenues outside of Bitcoin. The firm’s new venture, Pantera Fund V, aims to diversify its portfolio with investments in blockchain assets. 

The fund has been looking at private tokens and opportunities such as locked Solana tokens from FTX’s estate. Pantera also raised funds earlier in June to expand its holding in Toncoin.

Bitcoin Facing Correction After Month-long Rally

Despite reaching record highs in November, Bitcoin’s price has dipped 6% in the past few days. Weaker demand among US investors has contributed to this decline, as highlighted by the Coinbase Premium Index. 

At the same time, Bitcoin ETFs have seen fluctuating demand. On November 25, ETFs recorded a net outflow of $438.38 million after five consecutive days of inflows that totaled $3.5 billion.

Although Bitcoin’s realized profit dropped from $10.58 million to $1.58 million on Monday, this reduction in selling pressure could indicate room for future price growth. 

Moreover, the average holding time for Bitcoin increased by 65% over the past week, suggesting stronger conviction among investors and reinforcing a positive outlook.

While the market remains volatile, Pantera’s long-term prediction reflects confidence in Bitcoin’s growth potential as the leading cryptocurrency continues to attract institutional interest.