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Under the updated strategic plan, BIT Mining intends to secure $200 million to $300 million through a series of funding rounds to acquire SOL tokens.
BIT Mining Limited (BTCM) announced a significant shift in its strategic direction on Thursday, stating that it plans to incorporate Solana (SOL) tokens into its treasury.
Following the news, BIT Mining stock surged 172% in Thursday’s premarket. Solana’s price increased 2.2% in the last 24 hours to trade at $157.47.
The announcement marks a major move for the cryptocurrency miner, positioning it to expand beyond Bitcoin-centric operations and into a broader spectrum of blockchain technologies.
The firm said it plans to establish a strong presence within Solana’s fast and developer-centric blockchain by creating a substantial SOL treasury and investing in key ecosystem components.
It said this strategic transition is designed to enhance long-term investor returns and tap into emerging opportunities in decentralized technologies.
As part of its revamped roadmap, BIT Mining plans to raise between $200 million and $300 million in multiple tranches. The funds will be used to purchase SOL tokens, thereby establishing a sizable treasury base.
The company intends to convert its current cryptocurrency assets into SOL and adopt a long-term investment strategy centered on that token.
BIT Mining’s roadmap also includes operating validator nodes within the Solana ecosystem to support the blockchain’s decentralization goals while also generating passive income through 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 BIT Mining CEO Xianfeng Yang.
BIT Mining is building an integrated cryptocurrency mining platform that spans in-house mining operations, infrastructure hosting, and custom-designed mining equipment.
The company also possesses 7nm Bitcoin chip technology and specializes in developing advanced miners for Litecoin, Dogecoin, and Ethereum Classic.
On Stocktwits, retail sentiment toward BIT Mining improved to ‘extremely bullish’ from ‘bullish’ a day ago. Message volume levels spiked to ‘extremely high’ from ‘high’ in the last 24 hours. At the time of writing, BTCM was the top trending ticker on the platform.
BIT Mining stock has lost over 2% year-to-date and over 12% in the past 12 months.
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