Quick overview

Live SOL/USD Chart

---

Bit Mining, a bitcoin mining company, plans to raise $300 million to fund its strategic shift into the Solana ecosystem. Bit Mining’s stock price surged to a high of $10 in pre-market trading, up 300 percent from its closing price of $2 on Wednesday

 

The company announced on Thursday that it intends to raise between $200 million and $300 million in stages to build a substantial Solana-based treasury. Additionally, the funds will be used to buy more tokens and enhance its network capabilities.

Bit Mining stated it will adopt a long-term holding strategy and convert some of its existing cryptocurrency holdings into SOL as part of this plan. The initial amount of reserves to be converted was not specified.

, NET data shows that Bit Mining currently owns 19 Bitcoins valued at approximately $2 million. To support network decentralization and security, the company plans to run validator nodes on Solana.
According to Bit Mining, this move allows it to participate actively in the blockchain and generate sustainable value while further integrating into the Solana ecosystem. CEO Xianfeng Yang said that the action demonstrates their commitment and adaptability in a “dynamic sector.”

The executive expressed confidence in their ability to deliver value to shareholders and in their vision. Yang stated, “We are thrilled to make this daring move into what we think is one of the most vibrant and promising ecosystems in the blockchain space.”

Bit Mining’s entry into the altcoin space follows a similar move by another Bitcoin mining company. Bit Digital announced it would cease Bitcoin mining and focus instead on Ethereum. The company plans to become a “pure play Ethereum treasury and staking company.”