Bitcoin mining agency Bit Mining is making a strategic shift into the Solana ecosystem, with plans to lift as much as $300 million to assist the transfer.
The corporate stated on Thursday it plans to lift between $200 million and $300 million in several phases to construct a large Solana (SOL) token treasury.
The capital will even be used to broaden its capabilities throughout the community and purchase extra tokens. As a part of the plan, Bit Mining stated it is going to convert a few of its current crypto holdings into SOL and undertake a long-term holding technique. Nevertheless, the agency didn’t specify how a lot of its reserves can be transformed initially.
BitcoinTreasuries.NET information reveals that Bit Mining holds 19 Bitcoin (BTC), value 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 keeping with Yahoo Finance. On the time of writing, the inventory worth has pulled again to $6.29.
The corporate stated it plans to run validator nodes on Solana to assist the community’s decentralization and safety.
Bit Mining stated this enables it to additional combine throughout the Solana ecosystem and create sustainable worth by blockchain participation.
Bit Mining CEO Xianfeng Yang stated the transfer reveals their dedication and adaptiveness in an “ever-evolving business.” The chief expressed confidence of their imaginative and prescient and skill to ship worth to their shareholders.
“We’re excited to take this daring step into what we imagine is likely one of the most dynamic and promising ecosystems within the blockchain area,” Yang stated.
Corporations Market Cap information reveals that Bit Mining is presently the Seventeenth-largest Bitcoin miner on the earth by market capitalization.
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Bit Digital pivots into an Ethereum technique
Bit Mining’s pivot into the altcoin ecosystem follows an analogous transfer from one other Bitcoin mining firm.
On June 26, Bit Digital introduced it might abandon Bitcoin mining and swap to an Ethereum-focused technique. The corporate stated it is going to turn out to be a “pure play Ethereum staking and treasury firm.”
Not like Bit Mining, Bit Digital shares initially declined to $1.99 from $2.35 after the announcement, falling 15% on June 27. Nevertheless, the inventory finally recovered, surging to $3.59 on July 9, up 80% because the announcement, in keeping with Google Finance information.
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