Bit Mining, a Bitcoin mining company, is transitioning into the Solana ecosystem, aiming to raise between $200 million and $300 million to establish a significant token treasury. The funds will enhance its network capabilities and facilitate token acquisitions. The firm plans to convert a portion of its existing crypto assets into SOL and adopt a long-term holding approach, although the exact amount for conversion remains unspecified. Currently, Bit Mining holds 19 Bitcoin, valued at approximately $2 million. Following the announcement, Bit Mining's stock surged to $11 in pre-market trading, a 350% increase from its previous close of $2, before settling at $6.29. The company intends to operate validator nodes on Solana to bolster the network's decentralization and security, reflecting its commitment to the evolving blockchain landscape. CEO Xianfeng Yang expressed confidence in their strategy, emphasizing the potential of the Solana ecosystem. This pivot mirrors a recent shift by Bit Digital, which is moving from Bitcoin mining to Ethereum staking. Read more AI-generated news on: https://app.chaingpt.org/news

#BTC #ETH