TLDR

Bit Mining’s stock surged 350% in pre-market trading after announcing plans to pivot into the Solana ecosystem
The company plans to raise $200-300 million to build a Solana token treasury and expand network capabilities
Bit Mining will convert some existing crypto holdings to SOL and run validator nodes on the network
Solana price broke above a bullish cup and handle pattern with whale traders opening large leveraged positions
SOL faces key resistance at $159 with liquidation clusters that could determine short-term price direction

Bitcoin mining company Bit Mining sent shockwaves through the market with its announcement to pivot into the Solana ecosystem. The firm’s stock exploded 350% in pre-market trading on Thursday.

The company revealed plans to raise between $200 million and $300 million in different phases. This capital will build a substantial Solana token treasury and expand the firm’s capabilities within the network.

Bit Mining intends to convert some of its existing cryptocurrency holdings into SOL tokens. The company currently holds 19 Bitcoin worth approximately $2 million at current prices.

The stock price reached $11 in pre-market trading before pulling back to $6.29 at the time of writing. This represents a massive gain from Wednesday’s closing price of $2.

CEO Xianfeng Yang called the move a demonstration of the company’s commitment and adaptiveness. The firm plans to operate validator nodes on Solana to support network decentralization and security.

Strategic Shift Follows Industry Trend

This pivot follows a similar move by Bit Digital in June 2024. That company abandoned Bitcoin mining to focus on Ethereum staking and treasury operations.

Bit Digital’s stock initially declined 15% after its announcement. However, shares eventually recovered and surged 80% to $3.59 by Wednesday.

Bit Mining ranks as the 17th-largest Bitcoin miner globally by market capitalization. The company’s shift represents a major strategic realignment in the competitive mining industry.

Meanwhile, Solana’s price action shows renewed strength with whale traders taking notice. Trader vladilena.eth opened a $12.65 million leveraged position on the cryptocurrency.

The trader deposited $4 million USDC into Hyperliquid and went long with 10x leverage. The entry price of $153.79 sits just below the current trading price of $157.70.

Technical Breakout Attracts Traders

SOL recently broke above the handle of a cup and handle formation on price charts. This pattern traditionally signals bullish continuation for traders watching technical indicators.

Solana Price on CoinGecko

The breakout above $155.76 sets up potential movement toward the next resistance at $184.82. Derivatives data shows 61.72% of accounts remain long on SOL/USDT perpetuals on Binance.

Only 38.28% of accounts hold short positions. The Long/Short Ratio sits at 1.61, indicating strong bullish sentiment among derivatives traders.

However, spot trading volume has declined despite the price breakout. This mismatch between price movement and volume raises questions about rally strength.

The Binance liquidation heatmap reveals dense clusters around $153 and $159. These levels mark critical areas of leveraged interest that could dictate short-term price movement.

A move above $159 could trigger short liquidations and add upward pressure. A dip below $153 might flush out over-leveraged long positions and reverse recent gains.

The post Solana (SOL) Price: Bit Mining Stock Jumps 350% After Announcing $300M Network Pivot appeared first on Blockonomi.

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Filed under: Bitcoin - @ July 11, 2025 7:24 am