Bit Mining surges 350% on pivot to Solana, plans $300M token treasury

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Bit Mining’s banal terms surged 350% successful pre-market trading aft announcing a strategical pivot into the Solana ecosystem.

Bit Mining surges 350% connected pivot to Solana, plans $300M token treasury

Bitcoin mining steadfast Bit Mining is making a strategical displacement into the Solana ecosystem, with plans to rise up to $300 cardinal to enactment the move.

The institution said connected Thursday it plans to rise betwixt $200 cardinal and $300 cardinal successful antithetic phases to physique a sizable Solana (SOL) token treasury.

The superior volition besides beryllium utilized to grow its capabilities wrong the web and get much tokens. As portion of the plan, Bit Mining said it volition person immoderate of its existing crypto holdings into SOL and follow a semipermanent holding strategy. It did not specify however overmuch of its reserves would beryllium converted initially.

BitcoinTreasuries.NET information shows that Bit Mining holds 19 Bitcoin (BTC), worthy astir $2 cardinal astatine existent prices.

Cointelegraph reached retired to Bit Mining for further details but did not person a effect by work time.

Bit Mining banal surges 350% connected pre-market trading

Bit Mining banal prices surged to a precocious of $11 successful pre-market trading pursuing the announcement, up 350% from its Wednesday closing of $2, according to Yahoo Finance. At the clip of writing, the banal terms has pulled backmost to $6.29.

The institution said it plans to tally validator nodes connected Solana to enactment the network’s decentralization and security.

Bit Mining said this allows it to further integrate wrong the Solana ecosystem and make sustainable worth done blockchain participation.

Bit Mining CEO Xianfeng Yang said the determination shows their committedness and adaptiveness successful an “ever-evolving industry.” The enforcement expressed assurance successful their imaginativeness and quality to present worth to their shareholders.

“We are excited to instrumentality this bold measurement into what we judge is 1 of the astir dynamic and promising ecosystems successful the blockchain space,” Yang said.

Companies Market Cap information shows that Bit Mining is presently the 17th-largest Bitcoin miner successful the satellite by marketplace capitalization.

Bit Digital pivots into an Ethereum strategy

Bit Mining’s pivot into the altcoin ecosystem follows a akin determination from different Bitcoin mining company.

On June 26, Bit Digital announced it would abandon Bitcoin mining and power to an Ethereum-focused strategy. The institution said it volition go a “pure play Ethereum staking and treasury company.”

Unlike Bit Mining, Bit Digital stocks initially declined to $1.99 from $2.35 aft the announcement, falling 15% connected June 27. However, the banal yet recovered, surging to $3.59 connected Wednesday, up 80% since the announcement, according to Google Finance data.