Another bitcoin mining firm is pivoting. Bit Mining Limited announced a strategic expansion into the Solana ecosystem, planning a treasury of SOL tokens worth up to $300 million to fuel the company’s shift.
Bit Mining Allocates Up to $300M for Solana Integration
The NYSE-listed cryptocurrency mining company said this move aims to capture opportunities across the broader blockchain value chain and attract investors interested in solana ( SOL). In the announcement shared with Bitcoin.com News, Bit Mining intends to leverage the Solana network’s infrastructure and developer community to drive innovation and create shareholder value.
To build its SOL treasury, Bit Mining plans to raise between $200 million and $300 million in phases, dependent on market conditions. The firm stated that proceeds will fund the accumulation of SOL tokens through capital deployment and incremental purchases.
Bit Mining further disclosed that it will initially convert existing cryptocurrency holdings into SOL as part of a long-term holding strategy. The company also plans deeper ecosystem participation, including operating validator nodes to support network security and earn staking rewards over time.
CEO Xianfeng Yang stated the move reflects the company’s commitment to adaptability in the evolving blockchain industry, expressing confidence in accelerating sustainable growth and shareholder value through this strategy.
The move comes on the heels of Bitmine Immersion’s recent transition to ethereum ( ETH), marking a similar step by another publicly traded mining firm. Bit Mining operates in cryptocurrency mining, data center management and mining machine manufacturing. It holds 7nm BTC chip designs and develops miners for litecoin ( LTC), dogecoin ( DOGE) and ethereum classic ( ETC).
Source: Bitcoin
