Bit Mining surges 350% on pivot to Solana, plans $300M token treasury

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Bitcoin mining agency Bit Mining is making a strategic shift into the Solana ecosystem, with plans to lift as much as $300 million to help the transfer.

The firm mentioned on Thursday it plans to lift between $200 million and $300 million in numerous phases to construct a large Solana (SOL) token treasury.

The capital will even be used to increase its capabilities inside the community and purchase extra tokens. As a part of the plan, Bit Mining mentioned it’s going to convert a few of its current crypto holdings into SOL and undertake a long-term holding technique. It didn’t specify how a lot of its reserves can be transformed initially.

BitcoinTreasuries.NET information exhibits that Bit Mining holds 19 Bitcoin (BTC), price about $2 million at present costs. 

Cointelegraph reached out to Bit Mining for added particulars however didn’t obtain a response by publication time.

Bit Mining inventory surges 350% on pre-market buying and selling

Bit Mining inventory costs surged to a excessive of $11 in pre-market buying and selling following the announcement, up 350% from its Wednesday closing of $2, in accordance with Yahoo Finance. At the time of writing, the inventory worth has pulled again to $6.29. 

Bit Mining inventory surges after Solana pivot. Source: Yahoo Finance

The firm mentioned it plans to run validator nodes on Solana to help the community’s decentralization and safety.

Bit Mining mentioned this permits it to additional combine inside the Solana ecosystem and create sustainable worth via blockchain participation. 

Bit Mining CEO Xianfeng Yang mentioned the transfer exhibits their dedication and adaptiveness in an “ever-evolving industry.” The govt expressed confidence of their imaginative and prescient and skill to ship worth to their shareholders. 

“We are excited to take this bold step into what we believe is one of the most dynamic and promising ecosystems in the blockchain space,” Yang mentioned. 

Companies Market Cap information exhibits that Bit Mining is at the moment the Seventeenth-largest Bitcoin miner on the earth by market capitalization. 

Related: LetsBonk overtakes Pump.enjoyable: Are Solana memecoins again for good?

Bit Digital pivots into an Ethereum technique

Bit Mining’s pivot into the altcoin ecosystem follows an identical transfer from one other Bitcoin mining firm.

On June 26, Bit Digital introduced it will abandon Bitcoin mining and swap to an Ethereum-focused technique. The firm mentioned it’s going to grow to be a “pure play Ethereum staking and treasury company.”

Unlike Bit Mining, Bit Digital shares initially declined to $1.99 from $2.35 after the announcement, falling 15% on June 27. However, the inventory ultimately recovered, surging to $3.59 on Wednesday, up 80% because the announcement, in accordance with Google Finance information. 

Magazine: Memecoins are ded — But Solana ‘100x better’ regardless of income plunge

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