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Investing.com -- BIT Mining Limited (NYSE:BTCM) stock surged 160% after the cryptocurrency mining company announced a strategic shift to expand into the Solana ecosystem, marking a significant pivot in its business strategy.
The company revealed plans to build a substantial SOL token treasury as a cornerstone of this strategic realignment. BIT Mining intends to raise between $200 million and $300 million in phases, depending on market conditions, to accumulate Solana’s native cryptocurrency and strengthen its treasury reserves.
As part of the transition, BIT Mining will convert its existing cryptocurrency holdings into SOL tokens and adopt a long-term holding strategy. The company also plans to operate validator nodes within the Solana network to support decentralization and security while generating on-chain staking rewards.
"We are excited to take this bold step into what we believe is one of the most dynamic and promising ecosystems in the blockchain space," said Xianfeng Yang, CEO of BIT Mining. "This strategic move reflects our commitment to staying adaptive and responsive in an ever-evolving industry. With our strong execution capabilities and long-term vision, we are confident in our ability to accelerate sustainable growth and deliver lasting value to our shareholders."
The company, which has traditionally focused on Bitcoin mining operations, positions this move as an opportunity to capture emerging opportunities across the broader blockchain value chain while attracting investors seeking exposure to the Solana ecosystem.
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