Bit Mining’s stock price surged 350% on pre-market trading after announcing a strategic pivot into the Solana ecosystem.
Bitcoin mining firm Bit Mining is making a strategic shift into the Solana ecosystem, with plans to raise up to $300 million to support the move.
The company said on Thursday it plans to raise between $200 million and $300 million in different phases to build a sizable Solana (SOL) token treasury.
The capital will also be used to expand its capabilities within the network and acquire more tokens. As part of the plan, Bit Mining said it will convert some of its existing crypto holdings into SOL and adopt a long-term holding strategy. However, the firm did not specify how much of its reserves would be converted initially.
