Street Calls of the Week
NEW YORK - BIT Mining Limited (NYSE:BTCM), a cryptocurrency infrastructure company that plans to rename itself SOLAI Limited, announced Thursday it has purchased an additional 17,221 SOL tokens, bringing its total SOL holdings to 44,412. The company’s stock has shown strong momentum, gaining nearly 50% over the past six months, according to InvestingPro data.
The company’s Solana treasury is now valued at approximately $9.95 million, based on SOL prices as of September 10, according to a press release statement.
"We continue to see value in growing our presence in the Solana ecosystem," said Bo Yu, Chairman and Chief Operating Officer of BIT Mining. "Adding these additional resources to our treasury will strengthen our position in the ecosystem and we will continue to operate our validators to help strengthen and secure the network."
The company is exploring additional opportunities across the Solana ecosystem while operating validators on the network. BIT Mining recently announced the rollout of DOLAI, a USD-denominated stablecoin on the Solana blockchain, in collaboration with Brale Inc.
BIT Mining Limited, which trades on the New York Stock Exchange under the ticker BTCM, describes itself as a technology-driven cryptocurrency infrastructure company expanding from crypto mining into blockchain-based ecosystems spanning AI, stablecoins, and payment infrastructure.
The company’s name change to SOLAI Limited is subject to shareholder approval, reflecting its strategic shift toward the Solana blockchain ecosystem.
In other recent news, Thumzup Media Corporation has successfully completed a $50 million common stock offering, pricing shares at $10 each. This capital injection is intended to support the company’s expansion into cryptocurrency mining through the acquisition of DogeHash Technologies. DogeHash currently operates 2,500 mining rigs, with an additional 1,000 units expected later this year. Meanwhile, BIT Mining Limited has announced plans to rebrand as SOLAI, marking a strategic shift from cryptocurrency mining to broader blockchain infrastructure development. This rebranding is pending shareholder approval at an extraordinary general meeting. Additionally, BIT Mining has completed the second phase of its acquisition of cryptocurrency mining data centers and Bitcoin mining machines in Ethiopia, increasing the total power capacity of these centers to 51 megawatts. The company has also announced a strategic expansion into the Solana ecosystem, planning to build a significant SOL token treasury. BIT Mining aims to raise between $200 million and $300 million in phases to support this new direction.
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