The Bitcoin Mining Firm Bit Mining is making a strategic move to Solana’s ecosystem, with plans to raise up to $ 300 million to support the move.
The company Says On Thursday it plans to raise between $ 200 million and $ 300 million in different phases to produce a large size of Solana (Sol) Token Treasury.
Capital will also be used to expand its capabilities within the network and obtain more tokens. As part of the plan, the Bit Mining said it would convert some of the existing crypto holders to Sol and adopt a long-term handling approach. It does not specify how much of its reserves can be converted to first.
Bitcointreasuries.net data Shut up That bit is holding 19 bitcoin (Btc), costs nearly $ 2 million in current prices.
Cointelegraph reached the bit mining for more details but did not receive a response by the time of publication.
Mining bit of mining drops 350% in pre-market trading
Bit stock prices climb a high $ 11 in pre-market trading following the announcement, up to 350% from Wednesday’s closing of $ 2, According to In Yahoo Finance. At the time of writing, the stock price returned to $ 6.29.
The company said it plans to run validator nodes in Solana to support network decentralization and security.
The bit mining said it provides to further integrate into the Solana ecosystem and create a sustainable value through blockchain participation.
Bit Mining CEO Xianfeng Yang said the move shows their commitment and adaptation to a “ever-evolving industry.” The executive expressed confidence in their vision and the ability to deliver value to their shareholders.
“We are excited to take this bold step in what we believe is one of the most changing -new and promise ecosystems in the blockchain space,” Yang said.
Cap’s Cap market companies Shut up That bit is currently the 17th Bitcoin’s largest miners in the world through market capitalization.
Related: Letsbonk overtakes pump.Fun: Is Solana Memecoins back?
Bit digital pivots in an Ethereum approach
The pivot of the bit mining in the Altcoin ecosystem follows a similar move from another bitcoin mining company.
On June 26th, Bit Digital announced that it would Abandon Bitcoin Mining and moved to a approach dedicated to Ethereum. The company said it would be a “purely playing Ethereum Staking and Treasury Company.”
Unlike Bit Mining, Bit Digital Stocks initially refused $ 1.99 from $ 2.35 after announcement, Fell 15% on June 27. However, the stock eventually recovered, Surging At $ 3.59 on Wednesday, up to 80% from the announcement, according to Google Finance data.
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