Radical Turn! Mining Giant BIT Mining Abandons #bitcoin and Goes All In for Solana
Is the Era of #BTC for Miners Coming to an End and a Gold Rush for #sol Beginning?
BIT Mining (BTCM), a prominent cryptocurrency mining company listed on the New York Stock Exchange, has announced a monumental "strategic shift," moving away from its traditional focus on Bitcoin and heading directly into the ecosystem of #solana
The company plans to raise between $200 and $300 million to accumulate SOL in phases, subject to market conditions and capital availability.
This move repositions BIT Mining to "capitalize on emerging opportunities throughout the blockchain value chain" and establish itself as a publicly traded vehicle for investors seeking exposure to the Solana ecosystem.
According to the announcement, the company aims to leverage Solana's high-performance infrastructure and its dynamic developer community to drive innovation and generate sustainable value for shareholders.
To kick off this new strategy, BIT Mining will convert all its current cryptocurrency holdings to SOL and adopt a long-term holding strategy. Additionally, the company plans to expand its role in the Solana ecosystem by operating validation nodes to contribute to the decentralization and security of the network while earning staking rewards.
Xianfeng Yang, CEO of BIT Mining, expressed his excitement about this "great step towards what we consider one of the most dynamic and promising ecosystems in the blockchain sector," emphasizing the company’s commitment to adaptability and a long-term vision.
Currently, BIT Mining is the 17th largest publicly traded Bitcoin mining company by market capitalization, with operations that include self-mining, hosting services, and proprietary hardware for mining Bitcoin, Litecoin, #Dogecoin , and Ethereum Classic.