Quick:

  • The company plans to raise between $200 million and $300 million to buy SOL in phases, based on market conditions and capital availability.

  • The company plans to kick off the new strategy by converting all its crypto holdings into SOL.

  • The company also plans to become a node validator on the Solana ecosystem, to help maintain network decentralisation and security while earning on-chain staking rewards.

BIT Mining, a crypto mining company, is pivoting to a digital asset treasury focused on Solana. The company said on Thursday it plans to raise $200 million to $300 million, as part of a strategic shift that seeks to accumulate SOL tokens. 

To kick off the new strategy, BIT Mining is converting all its crypto holdings into SOL, with the aim of holding the tokens long-term. The announcement follows a growing list of both crypto-native and non-crypto-native companies looking to establish digital asset treasuries, following the example of Michael Saylor’s MicroStrategy.

BIT Digital plans to expand its role on Solana by becoming a node validator on the Solana ecosystem, to help maintain network decentralisation and security while earning on-chain staking rewards.

“We’re excited to take this bold step into what we believe is one of the most dynamic and promising ecosystems in the blockchain space,” BIT Mining CEO Xianfeng Yang said. “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.”

Commencing on its new change in strategy, BIT Digital said in a statement: “ that the transition positions [it] to capture emerging opportunities across the broader blockchain value chain, while also establishing itself as a publicly traded vehicle for investors seeking exposure to the Solana ecosystem.”

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The post Cryptocurrency Miner BIT Mining Eyes $300M Funding for SOL Treasury appeared first on NFTgators .