Cryptocurrency miner BIT Mining
is shifting its focus to Solana with plans to boost as much as $300 million to accumulate SOL tokens.
BIT Mining stated it desires to “seize rising alternatives throughout the broader blockchain” trade and appeal to traders looking for publicity to Solana in an announcement on Thursday.
The corporate’s New York Inventory Trade-listed shares soared as excessive as $11.20 in pre-market buying and selling, over 350% in comparison with Wendesday’s closing worth of $2.46, following the announcement.
At press time, BTCM was buying and selling almost 250% larger at $8.38.
Akron-Ohio-based BIT Mining will convert its present crypto holdings into SOL and plans to boost $200 million-$300 million to build up extra.
The corporate holds 19 BTC ($2.1 million), in keeping with Bitcoin Treasuries.
Bitcoin miners have been looking for technique of diversifying their income streams because the final quadrennial halving occasion in April 2024, which noticed the reward for including new blocks to the Bitcoin community decreased by 50%.
BIT Mining stated in December that its income from mining litecoin
and dogecoin had been triple that which it had acquired from BTC.
Fellow mining agency Bit Digital has shifted its whole treasury to ETH as a part of a plan to focus solely on ether staking.
