BIT Mining – a cryptocurrency mining company – has just announced an ambitious strategic move by joining the Solana ecosystem, pushing stock prices up 137% to $5.84, the highest level since mid-2022.
On July 10, the company revealed plans to raise between $200 million and $300 million to establish a strategic reserve fund using SOL tokens. A portion of the existing cryptocurrency assets will be converted to SOL, while BIT Mining will actively expand its treasury through additional acquisition deals.
This strategy is likened to the approach that Strategy has taken with Bitcoin, reflecting the increasing trend of listed companies using digital assets to diversify their corporate treasury.
Why choose Solana?
According to BIT Mining, integration into the Solana ecosystem is part of a long-term growth strategy to seize emerging opportunities within the blockchain value chain. The company aims to become a listed investment channel that allows investors easy access to the Solana ecosystem.
CEO Xianfeng Yang affirmed that this transition demonstrates the company's adaptability in the continuously changing crypto industry. He emphasized that BIT Mining's infrastructure and deployment capabilities will play a role in driving innovation and sustainable growth within the Solana ecosystem.
Not only stopping at accumulating tokens, BIT Mining also plans to operate validator nodes to contribute to the decentralization of the network while earning stable staking rewards.
BIT Mining is currently operating in the field of cryptocurrency mining, managing data centers, and producing specialized hardware. The company develops mining machines for Litecoin, Dogecoin, and owns exclusive 7nm Bitcoin mining chips.
In addition, BIT Mining places special emphasis on sustainability. The company operates 82.5 MW of Bitcoin mining capacity in Ohio using clean energy, along with a 51 MW hydropower facility in Ethiopia.