📈 BIT Mining Stocks Strengthen After Announcing Solana-Based Treasury Strategy
BTCM shares surged significantly by +355% in pre-market session to $11.20 after this Bitcoin mining company announced a major plan to shift a significant portion of their digital asset treasury to the Solana network (
$SOL ). Although prices corrected after the initial euphoria, the stock still closed with an impressive increase of +170% compared to the previous closing price.
This move makes BIT Mining the latest public company to adopt a long-term cryptocurrency asset accumulation strategy, similar to the approach popularized by Michael Saylor through MicroStrategy. The company plans to raise $200–$300 million through the issuance of new shares or debt, which will be fully allocated to purchasing Solana tokens. In addition to direct accumulation, the company also plans to convert some of its existing crypto holdings into SOL and participate in staking as a source of long-term yield.
For context, before this announcement, BIT Mining's market cap was only $39 million. The surge in stock price indicates market enthusiasm for the new narrative: the transition to next-generation layer-1 assets like Solana, which has high transaction throughput and lower cost structure compared to Bitcoin and Ethereum.
On the other hand, the price of
$SOL also experienced a slight increase of +0.9% on Thursday as institutional interest in Solana as a digital treasury alternative rose.
This move extends the list of public entities actively diversifying their treasury strategies, from merely holding Bitcoin to being more adaptive to the potential of other cryptocurrencies. An important signal that digital asset allocation strategies are now entering a phase of multichain expansion.
📌 Disclaimer: Not Promotion & Not Financial Advice
#BITMining #BTCM #Solana #SOL #crypto