BIT Mining Limited (NYSE:BTCM) shares surged by 160% following the company’s announcement of a major strategic pivot to expand its presence within the Solana blockchain network.
The firm outlined plans to establish a significant SOL token treasury, aiming to raise between $200 million and $300 million in stages, contingent on market conditions, to bolster its holdings of Solana’s native cryptocurrency.
As part of this shift, BIT Mining will convert its existing crypto assets into SOL tokens and adopt a long-term holding approach. Additionally, the company intends to run validator nodes on the Solana network, supporting decentralization and network security while earning staking rewards.
“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,” said Xianfeng Yang, CEO of BIT Mining. “This strategic move reflects our commitment to staying adaptive and responsive in an ever-evolving industry. With our strong execution capabilities and long-term vision, we are confident in our ability to accelerate sustainable growth and deliver lasting value to our shareholders.”
Traditionally focused on Bitcoin mining, BIT Mining views this transition as a chance to tap into emerging opportunities within the broader blockchain landscape and attract investors looking for exposure to Solana’s expanding ecosystem.
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