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Bitcoin mining company BIT Mining is strategically moving to the Solana ecosystem and plans to raise up to $300 million to support the move.
The company said Thursday that it plans to raise $200 million to $300 million in fundraising at various stages to build a considerable Solana token.
Capital will also be used to expand its capabilities in the network and obtain more tokens. As part of the plan, Bit Mining said it will convert some of its existing cryptocurrencies to SOL and adopt a long-term holding strategy. It does not specify how much reserves will be converted initially.
BitcoinReasuries.net data shows that Bit Mining holds 19 Bitcoins (BTC) and currently costs about $2 million.
Cointelegraph made some digging to get other details, but received no response through publication time.
Mining stocks soar 350%
Bit Mining shares soared to $11 in previous market trading after the announcement, up 350% from Wednesday’s closing price, according to Yahoo Finance. At the time of writing, the stock price has recovered to $6.29.
The company said it plans to run validator nodes on Solana to support decentralization and security of the network.
This allows it to be further integrated into the Solana ecosystem and create sustainable value through blockchain involvement, Bit Mining said.
Bit Mining CEO Xianfeng Yang said the move demonstrates their commitment and adaptability in a “growing industry.” Executives expressed confidence in their vision and their ability to bring value to shareholders.
“We are pleased to take this bold step into one of the most dynamic and promising ecosystems in the blockchain space,” Yang said.
According to the company’s market cap data, Bit Mining is currently the 17th Bitcoin miner in the world through market value.
Related: Letsbonk exceeds the pump. FUN: Will Solana Memecoins come back forever?
Arrange the digital pivot hub into the Ethereum strategy
Bit Mining’s hub entered the Altcoin ecosystem, following a similar move by another Bitcoin mining company.
On June 26, BIT Digital announced that it would abandon Bitcoin mining and use an Ethereum-centric strategy instead. The company said it will become a “pure gaming Ethereum accumulation and finance company.”
Unlike BIT mining, BIT digital stock initially fell from $2.35 after the announcement to $1.99, down 15% on June 27. However, the stock finally recovered, and since the announcement, the stock has risen to $3.59.
https://www.youtube.com/watch?v=bwzodbdbiuw
Magazine: Memecoins is DED – but despite the decline in revenue, Solana is ‘100 times better’