The post BIT Mining Stock Soars 350% After $300M Solana Pivot Announcement appeared on BitcoinEthereumNews.com.

Bitcoin mining firm Bit Mining is making a strategic shift into the Solana ecosystem, with plans to raise up to $300 million to support the move. The company said on Thursday it plans to raise between $200 million and $300 million in different phases to build a sizable Solana (SOL) token treasury. The capital will also be used to expand its capabilities within the network and acquire more tokens. As part of the plan, Bit Mining said it will convert some of its existing crypto holdings into SOL and adopt a long-term holding strategy. It did not specify how much of its reserves would be converted initially. BitcoinTreasuries.NET data shows that Bit Mining holds 19 Bitcoin (BTC), worth about $2 million at current prices.  Cointelegraph reached out to Bit Mining for additional details but did not receive a response by publication time. Bit Mining stock surges 350% on pre-market trading Bit Mining stock prices surged to a high of $11 in pre-market trading following the announcement, up 350% from its Wednesday closing of $2, according to Yahoo Finance. At the time of writing, the stock price has pulled back to $6.29.  Bit Mining stock surges after Solana pivot. Source: Yahoo Finance The company said it plans to run validator nodes on Solana to support the network’s decentralization and security. Bit Mining said this allows it to further integrate within the Solana ecosystem and create sustainable value through blockchain participation.  Bit Mining CEO Xianfeng Yang said the move shows their commitment and adaptiveness in an “ever-evolving industry.” The executive expressed confidence in their vision and ability to deliver value to their shareholders.  “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,” Yang said.  Companies Market…

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Filed under: News - @ July 11, 2025 5:30 am