Bit Mining announced its intention to raise between 200 and $ 300 million to build a Solana treasure (soil) as part of a broader expansion in the rapidly growing blockchain ecosystem.
The main dishes to remember:
- Bit Mining plans to raise $ 300 million to build a soil treasure and move away from Bitcoin.
- The company will convert all existing crypto titles on the floor and will begin to operate the validator’s nodes.
- Its pivot align with a growing trend of businesses betting on Solana.
This decision marks a gap compared to its previous focus on Bitcoin, Litecoin, Dogecoin and Ethereum Classic Mining, the company said in a press release on Thursday.
The company will convert all existing crypto assets on the ground and will adopt a long -term maintenance strategy, citing the community, the infrastructure and the Solana developer community as key engines behind the pivot.
Bit mining in Riasse Funds in phases
To support its new management, Bit Mining plans to raise funds in phases, depending on market conditions and the availability of capital.
He will also start to execute nodes of validators in Solana, aimed at contributing to the decentralization and security of the network while earning staging awards.
“We are delighted to take this daring step in what we think is one of the most dynamic and promising ecosystems of the blockchain space,” said CEO Xianfeng Yang.
“With our strong execution capacities and our long -term vision, we have confidence in our ability to accelerate sustainable growth and to offer lasting value to our shareholders.”
Bit Mining, currently the 17th largest public Bitcoin minor by market capitalization, operates through mining, accommodation and production of equipment.
Its shares (BTCM) jumped more than 300% in trade before the market on Thursday, following the announcement.
The pivot aligns extraction with an increasing group of companies that reshape their cash strategies around digital assets.
Last week, Defu Development Corp. revealed to have acquired a value of $ 2.7 million in Solana as part of his aggressive strategy of the cryptography treasure.
Likewise, the Canadian Digital Strategies Society of Digital Strategies, already trading on the Canadian Securities Stock Exchange, has more than 420,000 soil tokens, positioning itself as an important institutional player in the Solana ecosystem.
Last month, the firm also filed a registration for its ordinary shares on the Nasdaq capital market under the Ticker “Stke” while it increases its American expansion.
In its dry deposit, Sol Strategies emphasized Solana, citing the growing role of blockchain in the tokenization of assets and digital infrastructure as key motors for future growth.
More public enterprises are diversifying in crypto
Following the model launched by Michael Saylor’s strategy, more and more public companies are diversifying in cryptographic titles which include BTC, ETH, Sol and XRP.
Two other mining companies with “bit” on their behalf have also reoriented Ethereum in recent weeks.
Bit Digital recently left Bitcoin Mining and acquired more than 100,000 ETH after collecting $ 173 million.
Meanwhile, Bitmin plans to raise $ 250 million to scale his ETH treasure, with Tom Lee de Fundsstrat as Chairman of the Board of Directors.
The announcement reached after the $ 10 million Bit Mining regulations in November with the United States Ministry of Justice and SEC for corruption allegations linked to its former 500.com company, a Chinese lottery operator.
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